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Appraisals
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"If we and you disagree as to the amount of the loss, either party may make written demand for an appraisal of the loss. In this event, each party will select a competent and impartial appraiser. The two appraisers will select an umpire. If they cannot agree, either party may request that selection be made by a judge of a court having jurisdiction. The appraisers will state separately the value of the property and amount of loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will be binding. Each party will:
a. pay it's chosen appraiser; and
b. bear the other expenses of the appraisal and umpire equally."
The language above is typical (although not the sole version) of appraisal clauses you will find in today's insurance policies. The appraisal process has been around for quite a long time and is a part of almost all insurance policies today. The original intent of the appraisal clause was to give the insured and the insurer and informal format in which to resolve the amount of the loss that was payable to the insured when the insured and insurer could not agree as to the amount of damages to property. Since it's inception, the appraisal clause has been an effective tool for resolving differences in values without the need for more formal actions. Typically, the process was quick, cost effective and often very fair to all parties.
Of late, the appraisal process has become a very popular option for resolving claims value disputes for all types of claims.
The experts at Morrison & Morrison, Inc. are qualified to serve as an appraiser or an umpire in your claim dispute. However, the appraisal process is not appropriate for all situations, and losses that may involve legal issues certainly need to be reviewed by a competent attorney prior to proceeding with an appraisal.
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