What is the difference between an insurance mediation and an insurance arbitration?

An insurance mediation and an insurance arbitration are two different methods of settling disputes involving insurance in New Hampshire. Generally speaking, mediation is a process in which two parties to a dispute are brought together in order to try to find a solution to their differences. In insurance mediation, the mediator is usually an experienced insurance lawyer who acts as an impartial third party to assist the two parties in negotiating a mutually agreeable settlement. This process is voluntary and typically non-binding, meaning that either party has the right to withdraw from the process without consequence. An insurance arbitration, on the other hand, is a legally binding proceeding that is overseen by a third party known as an arbitrator. In an insurance arbitration, the arbitrator listens to both parties and then makes a final and binding decision, usually in the form of an award. This award is typically binding on both parties, and it is often difficult for either party to challenge or dispute the decision. In summary, in an insurance mediation an experienced lawyer helps parties to a dispute reach a voluntary, non-binding agreement, while in an insurance arbitration, an arbitrator makes a final and binding decision in favor of one party or the other.

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What is the difference between an insurance mediation and an insurance arbitration?

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