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We are experts in the Appraisal Process, and have good working relationships with many opposing appraisers. We consistently bring about a fair and equitable conclusion to claims in which both sides have entrenched positions.
What Is an Insurance Appraiser?
A property insurance appraiser is someone capable of giving a professional, disinterested opinion on the value of a loss. They have no interest or stake in the outcome. Property insurance appraisers are typically professionals like adjusters, contractors, engineers, or anyone with relevant, specialized knowledge.
What Is the Insurance Appraisal Process?
An insurance appraisal is a process in which you and your insurer will make a good faith attempt to resolve disputes without resorting to litigation. Note that such disputes concern the amount of loss and not coverage issues.
You are in effect requesting a second evaluation on the amount of loss after your insurance provider has made an initial determination.
When is an Appraisal Appropriate?
Sometimes there is a disagreement over the insurance company’s valuation of an insurance claim. Policyholders often think the only way to settle the dispute is to hire a lawyer. Fortunately, this is not the case. Insurance Appraisal is a method of Alternative Dispute Resolution often found in many homeowner and commercial insurance policies.
The language will often, but not always, state that an insurance appraisal is mandatory when properly demanded by the insurer or insured. It is important to have a qualified Insurance Appraiser review your policy to determine your options.
When properly executed, insurance appraisal is binding on the parties as to the amount of loss only. It does not determine coverage. If not properly invoked, employed, and/or carried out the process may not be binding, so it is important to select a qualified insurance appraiser and umpire.
Once the Insurance Appraisal clause/provision is invoked, the insured’s appraiser and the insurance carrier’s appraiser will estimate the damage and try to come to an agreement on the amount of loss.