YOU ASK:
What is the definition of Mediation?
WE ANSWER:
Mediation refers to one of the methods of arbitration where conflict is resolved between two parties. In the case of the insurance industry, this may refer to conflicts between the insurance company and its employers, policyholders, claimants or vendors. A third party steps in to come up with a solution that is agreeable to two conflicting parties.
Mediation is non-binding. Meaning, if one party still disagrees or is not satisfied with the proposed solution, he can still go to court.
Mediation, like the other forms of arbitration, is used to save time and expenses for both parties by helping them come into agreement even before they feel they have to go to court.
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