NJ S4534

Mandates all automobile insurance policies in New Jersey include an appraisal provision allowing policyholders to challenge the insurer's determination of actual cash value, loss amount, or third-party settlement offers

Establishes a dispute resolution process where either party can submit a written demand for appraisal, with 20 calendar days for the other party to select their own competent, disinterested appraiser

Requires selected appraisers to complete their loss appraisal within 20 business days, and if they cannot agree, the dispute proceeds to an umpire or judge within 15 calendar days

Extends appraisal rights to third-party claimants who disagree with an insurer's valuation of their settlement offer

Takes effect 90 days after enactment and applies to claims filed and settlement offers made on or after that date