New Appraisal Rules For Puerto Rico Property Insurers

Law360 (February 7, 2019, 5:43 PM EST) -- In response to the extremely active 2017 Atlantic hurricane season, Puerto Rico’s governor signed into law[1] six bills that amend or introduce new provisions to the Insurance Code of Puerto Rico, 26 L.P.R.A. § 101 et seq. These bills address the newly established appraisal process, expedited payment requirements and additional civil remedies against insurers. They also address requirements for insurers, surplus carriers and micro-insurance providers.

Though the six enacted bills became effective on Nov. 27, 2018, they are difficult to find in English-language platforms.[2] The focus of this article is PS 1054,[3] the bill that codifies the use of a provision frequently...

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