ND SB2374

Property insurance policies may include mandatory binding arbitration only if provisions are in a separate endorsement, the insured accepts in writing on a separate form with 12-point bold disclosure of waived rights, and arbitration must occur in-state under state law

Managed repair programs restricting an insured's choice of repair vendors require prominent disclosure on the declarations page, specification of premium benefits, and a separate 12-point font disclosure form explaining the repair process and warranty provisions

Bad faith claims against property insurers require the insured to first obtain a court judgment establishing the insurer breached the insurance contract before proceeding with the bad faith action

Property insurance claims must be filed within one year of the date of loss, and supplemental claims within 12 months of the insurer's last payment, with time limits tolled during military deployment to combat zones

"Large commercial risk" is defined as insureds with property values of $25 million or more, annual gross revenue of $50 million or more, or premiums of $100,000+ for property/liability insurance or $200,000+ for multiperil insurance, excluding farming and ranching