§1807.27. Payment of an appraisal award

            A. If an appraisal award made pursuant to the provisions of this Subpart is not paid by the insurer within thirty days of the award amount being submitted to the insurer in a signed writing, the award amount may be considered as evidence but shall not be binding, except as agreed to by the parties, provided that the insurer's period to pay the award shall be extended to any longer period for payment of the amount due as provided by law. Any award payment obligation is subject to the limits of coverage, other terms and conditions of the policy, and reductions for deductibles and prior payments.

            B. An insurer's motion to vacate the appraisal award for good cause shall be filed in the court of record in which the property is located within thirty days from the date that the insurer receives the appraisal award amount.

            Acts 2024, No. 625, §1.