What is a statute of repose?

A statute of repose is a law that sets a specific time limit on how long someone can wait to file a claim against another person or business. In Arizona, the statute of repose is a law that limits the time period for filing a lawsuit for a certain type of claim, such as an insurance claim. This time period begins on the date of the incident that caused the damage or losses on the property. The statute of repose is different from the statute of limitations, which sets the time limit for filing a lawsuit after a person discovers the damages caused by the incident. The statute of repose applies no matter when the person discovers the damages, meaning if the statute of repose has already expired, the person can no longer file a lawsuit. In Arizona, the statute of repose for an insurance claim is two years from the date of the incident. This means that the person affected by the incident has two years from the date of the incident to file a claim against the insurance company. If they wait longer than two years, then their claim cannot be accepted and they will not be eligible for compensation from the insurance company.

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What is a statute of repose?

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