Arkansas § 6-20-1508 - Appraisal and payment of losses.

§ 6-20-1508. Appraisal and payment of losses.

In the event of loss of school district, education service cooperative, or open-enrollment public charter school property under the Public Elementary and Secondary School Insurance Program, the Public School Insurance Trust Fund shall pay the loss as specified in the contract. When an agreement as to the extent of loss or damage cannot be reached between the State Insurance Department and officials having charge of the property, the amount of the loss or damage shall be determined by three (3) appraisers, one (1) to be named by the department, one (1) by the school district, education service cooperative, or open-enrollment public charter school governing board, and a third to be selected by the two (2) appointed appraisers, all of whom shall be disinterested persons and qualified from experience to appraise and value such property. If a third appraiser is not agreed upon within thirty (30) days, the Insurance Commissioner shall have authority to appoint a third appraiser. It shall be the duty of the department to coordinate, facilitate, and expedite details in connection with responsibilities outlined in this section. The department is granted authority to contract for services with licensed real estate brokers in order to expedite and facilitate the proper operation of the program.