American Land Title Association® Appoints National Arbitration Forum as New Administrator for Title Insurance Arbitrations
|March 23, 2006|
Administrator to create efficiencies and lower costs for title insurers and insureds in the dispute resolution process after a comprehensive review of its Title Insurance Arbitration Rules (TIAR) and arbitration system, the American Land Title Association (ALTA) has appointed the National Arbitration Forum as its new administrator for title insurance arbitrations. The TIAR as administered by the National Arbitration Forum creates a fair, transparent, efficient and cost-effective system for the resolution of disputes that may rise between title insurance companies and insureds under title insurance policies.
"At the time of our system review, we found the title insurance industry in need of a more fair and economical process for resolving disputes," said Rande Yeager, president of ALTA. "We chose the National Arbitration Forum because of its reputation and its experience in developing specialized programs, but, more importantly, because of the firm's willingness to commit resources to developing the system, including the arbitrator panel, and to provide a solution that creates efficiencies that ultimately benefit all parties."
The updated TIAR, effective January 1, 2006, now incorporates the National arbitration Forum's Code of Procedure and Fee Schedule. This system will ensure the independence and neutrality of the arbitrators and the institution administering the arbitrations; it also holds down costs and further strengthens the enforceability of arbitration decisions handed down under the title insurance arbitration system. The National Arbitration Forum also provides its services to administer the arbitrations.
The National Arbitration Forum's Code of Procedure provides rules that ensure that all legal remedies are available to parties, making any relief available in a judicial forum available in a National Arbitration Forum arbitration. Specifically, the National Arbitration Forum's Code of Procedure and Fee Schedule: