American Land Title Association® Appoints National Arbitration Forum as New Administrator for Title Insurance Arbitrations
March 23, 2006
Administrator to create efficiencies and lower costs for title insurers and insureds in the dispute resolution process after a comprehensive review of its Title Insurance Arbitration Rules (TIAR) and arbitration system, the American Land Title Association (ALTA) has appointed the National Arbitration Forum as its new administrator for title insurance arbitrations. The TIAR as administered by the National Arbitration Forum creates a fair, transparent, efficient and cost-effective system for the resolution of disputes that may rise between title insurance companies and insureds under title insurance policies.
"At the time of our system review, we found the title insurance industry in need of a more fair and economical process for resolving disputes," said Rande Yeager, president of ALTA. "We chose the National Arbitration Forum because of its reputation and its experience in developing specialized programs, but, more importantly, because of the firm's willingness to commit resources to developing the system, including the arbitrator panel, and to provide a solution that creates efficiencies that ultimately benefit all parties."
The updated TIAR, effective January 1, 2006, now incorporates the National arbitration Forum's Code of Procedure and Fee Schedule. This system will ensure the independence and neutrality of the arbitrators and the institution administering the arbitrations; it also holds down costs and further strengthens the enforceability of arbitration decisions handed down under the title insurance arbitration system. The National Arbitration Forum also provides its services to administer the arbitrations.
The National Arbitration Forum's Code of Procedure provides rules that ensure that all legal remedies are available to parties, making any relief available in a judicial forum available in a National Arbitration Forum arbitration. Specifically, the National Arbitration Forum's Code of Procedure and Fee Schedule:
- Afford parties the opportunity to select an arbitrator on mutually agreeable terms;
- Provide for mutual agreement of location of hearings;
- Include strict timing guidelines for the process;
- Provide for the prompt rendering of an award or order that may be reviewed by a court to determine whether the arbitrator properly applied the law and whether the arbitration complied with applicable laws; and
- Hold down costs for arbitration while providing fair allocation of those costs between the parties.
The National Arbitration Forum is one of the world's leading providers of alternative dispute resolution solutions, including arbitration and mediation, representing a distinguished panel of over 1,500 attorneys and retired judges in the U.S. and in 29 countries. Founded in 1986, the National Arbitration Forum administers more than 50,000 cases annually. Headquartered in Minneapolis, Minnesota, the National Arbitration Forum also has offices located in New Jersey and Los Angeles. Additional information is available at the National Arbitration Forum's website at http://www.arbitration-forum.com .
About the American Land Title Association
Founded in 1907, the American Land Title Association represents title insurance companies and their agencies nationwide on a variety of industry and legislative issues. Members of the Association search and insure land titles to protect real estate investors including home buyers and mortgage lenders. Additional information, including the Title Insurance Arbitration Rules and the tional Arbitration Forum's Code of Procedure, is available at the American Land Title Association website at http://www.alta.org .