Arbitration:
There are a number of ways to resolve a personal injury claim outside of a courtroom. In some cases, arbitration may serve as an appropriate alternative dispute resolution mechanism for an injured person. In general, an arbitration proceeding may be mandated by an insurance policy or agreed upon by the parties.
The Nature of Arbitration Proceedings
There are usually less formalities in an arbitration proceeding than what is seen in a typical trial proceeding. Therefore, arbitration proceedings generally cost less money and take less time compared to formal trials. Thus, sometimes arbitrations are preferred over lengthy and sometimes costly trial proceedings. Subject to some exceptions, the result of an arbitration proceeding is typically binding. Further, an arbitration decision generally may not be reversed or modified absent extraordinary circumstances. Every situation is unique.
The Arbitrator
Arbitration proceedings differ from mediation proceedings in that an arbitrator typically has the authority to rule on certain issues (much like a judge or jury). A mediator, however, does not have that authority. Unless mandated by an insurance contract, both parties (for example, the injured victim and the at-fault motorist’s auto insurance company) typically agree on who will serve as the arbitrator. Generally speaking, arbitrators can be experienced attorneys or retired judges.
The Fee
Arbitration proceedings normally only consist of the arbitrator’s fee. For example, the American Arbitration Association which generally arbitrates disputes involving supplementary uninsured/underinsured motorist coverage arising from auto policies, has a filing fee of $250. Other arbitrators with other organizations may cost significantly more. There may be other administrative fees involved as well.
Do You Have Questions About Arbitration?
If you were injured in a motor vehicle accident, you may have questions about what options you may have to recover compensation. If you are looking for a lawyer, an experienced car accident attorney at William Mattar, P.C. can review your case and determine how to receive maximum compensation. Call (844) 444 - 4444 for 24/7 help.