NJ S2157

Mandates all automobile insurance policies in New Jersey include an appraisal provision when policyholders and insurers disagree on the actual cash value of a loss or settlement offers for third-party liability claims.

Allows either party to invoke the appraisal process through a written demand letter, with the receiving party having 20 calendar days to select a competent and disinterested appraiser.

Requires selected appraisers to complete their loss assessment within 20 business days; if they cannot agree, an umpire selected by the appraisers or a judge will issue a binding award.

Extends appraisal rights to third-party claimants when disputes arise over the valuation used to determine settlement offers.

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