The insurance claims appraisal process is a method for resolving disputes between policyholders and insurance companies regarding the value of property damage or loss covered by an insurance policy. The process involves the use of an independent appraiser to determine the value of the damage or loss, and to reach a resolution in situations where the policyholder and insurer cannot agree on the value of the claim.
The claims appraisal process typically begins when a policyholder files a claim with their insurance company for property damage or loss. If the insurer and policyholder cannot reach a mutually agreeable settlement, either party may request an appraisal. The appraisal process is then initiated, and each party selects an independent appraiser to assess the damage or loss.
The two appraisers then work together to determine the value of the damage or loss, and if they are unable to reach an agreement, they select a neutral third-party appraiser to serve as an umpire. The umpire’s decision is binding and serves as the final determination of the value of the claim.
The insurance claims appraisal process is designed to provide a fair and impartial evaluation of property damage or loss, and to provide an alternative to costly and time-consuming litigation. It is important for policyholders and insurers to select experienced and qualified appraisers to ensure an accurate and objective assessment of the claim value.
Author Brad Hays
