Referral of a dispute to an impartial third party chosen by the parties in the dispute who agree in advance to abide by the arbitrator's award issued after a hearing at which both parties have a chance to be heard.
Copyright © International Risk Management Institute, Inc. (IRMI)
By Fred G. Marziano
Many non-lawyers joined ARIAS•U.S. hoping to contribute to their industry by applying their underwriting, claims, broker and overall insurance/reinsurance expertise to the arbitration process. This article is intended to remind my colleagues of the values associated with considering the appointment of non-lawyers as arbitrators in many cases.