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An insurance appraisal is very different from a real estate appraisal that is typically required when buying or selling real property. The insurance appraisal is a procedure designed to determine the valuation of a loss. This process is initiated when the insured party (policy holder) and the insurer cannot come to a mutual agreement regarding the cost of repairing or replacing damaged property. Typically, the appraisal process involves both the insured and the insurer selecting their respective appraisers. The two appraisers then jointly choose an umpire. If the two appointed appraisers are unable to reach a consensus on the umpire selection, the policy appraisal clause permits the court to appoint one. Consequently, the appraisal panel consists of two appraisers and one umpire. The final decision on the loss amount is binding if any two members of the appraisal panel agree.
Below is an example of an appraisal clause commonly found in certain insurance policies:
Appraisal Clause: If an agreement on the amount of loss cannot be reached between you and us, either party may request an appraisal of the loss. In such a scenario, both parties must select a qualified appraiser within 20 days of receiving a written request from the other party. These two appraisers will then jointly choose an umpire. If they are unable to agree on an umpire within 15 days, either you or we may request the selection to be made by a judge from a court of record in the state where the described location is situated. The appraisers will individually determine the loss amount. If the appraisers provide us with a written agreement, that agreed-upon amount will be considered the loss amount. If they are unable to reach an agreement, they will present their differences to the umpire. Any decision reached by two of the three panel members will establish the final loss amount.
If any part of the process of dealing with an insurance adjuster after a building fire, pipe burst, hurricane or strong wind event feels intimidating or overwhelming, you may find it helpful to speak with an experienced insurance claim public adjuster. We may be able to help. Contact Gregory Siviur at CE Resources LLC, Tampa Bay office online today or call us at (727) 483-2044 to schedule a free consultation.
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