Appraisal Services
An Insurance Loss Appraisal is a dispute resolution procedure that is contained IN YOUR commercial and homeowner’s policies. The purpose of appraisal is to provide a way to determine the value of your claim.
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.
When do I need an insurance appraiser?
When you file an insurance claim for a covered loss, your insurance company will appoint an insurance adjuster. This adjuster acts in the best interests of your insurance company and will try to minimize the liability of your insurer. After your claim is processed, you’ll be provided with a settlement agreement, detailing the amount your insurer is willing to pay to settle your claim. But what if you’ve received a lowball offer and don’t agree with your insurance company on the amount of your loss? Many homeowners or business owners policies contain an appraisal clause that allows both you and your insurer to hire an insurance appraiser. If you cannot reach an agreement with your insurance company over the actual cash value or amount of loss, then invoking an appraisal clause and hiring an insurance appraiser might be a good idea. It’s faster and more cost effective than litigation.
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.
Insurance appraisers and the Appraisal Clause
Here is how the appraisal clause appears on your insurance policy:
Umpire Service
What is an Umpire and when do I need one?
When you and your insurer dispute the “amount of loss” either one of you can invoke an appraisal clause, if one exists. You will each hire an appraiser, and the two appraisers will choose an umpire. If the two appraisers cannot agree on an umpire, you or your insurer may request that the choice be made by a judge in the state where your property is located. Should the two appraisers be unable to agree on the amount of loss, they will submit their respective reports to the umpire. A decision agreed to by any two of the three parties (the two appraisers and the umpire) will set the amount of loss.
Large Loss Consultant
Large losses should only be handled by professionals with the necessary experience to determine relevant cost factors. A typical insurance policy has several types of coverages. Understanding these coverages and the proper cost allocations is a significant determinant of the settlement amount. We have the tools, team, and experience to craft an approach that allows you to maximize your claim.
