APPRAISALS

Most insurance policies have an Appraisal Clause. “Appraisal” can be demanded by either you or your insurance company whenever there is a disagreement on the amount of damages.

“Appraisal” in the claims process has a different meaning than what most people think of when they hear the word. They think it means that a person is going to inspect their property and make a determination of the value of that property. In the world of Real Estate, that would be correct. Not in our World of Insurance. “Appraisal”, in insurance terms, is a process of discussion and negotiations in order to resolve any differences.

The insurance company will hire an Appraiser to represent them and you will hire an Appraiser to represent you. Each is responsible for their Appraiser’s cost. The two Appraisers will then agree upon a third Appraiser to act as Umpire, to whom they will submit their differences. If the two Appraisers can not agree on an Umpire, one will be appointed by the Court.

The Umpire will listen to both Appraisers’ presentations and then make a decision as to which Appraiser, if either, he supports. An agreement between any two of the three Appraisers constitutes an Appraisal Award, which is binding on the insurance company and you. That is why it is so important to have experts like ourselves present and argue your entitlements to the other Appraiser and Umpire in order for you to receive your maximum settlement.

We are recognized as “THE” Experts in Appraisals.

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