Understand Your Appraisal Clause
When you and your carrier disagree on the amount of a loss, most policies give you a faster path than a lawsuit.
When you and your carrier disagree on the amount of a loss, most policies give you a faster path than a lawsuit.
What Appraisal Is
Appraisal is a provision in most property policies for resolving disputes over the amount of loss. Each side selects an appraiser, and the two appraisers select an impartial umpire. An agreement between any two of the three sets the amount.
When To Invoke It
Appraisal is the right tool when coverage is not in dispute but the value is, for example, when the carrier's estimate under-scopes the damage. It is generally faster and less expensive than litigation.
Why Representation Matters
The appraiser you name should know construction costs, policy language, and the appraisal process itself. A well-documented position going into appraisal is what drives a fair result.
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