Appraisal Clause

Appraisal Clause

In insurance, a clause in a policy giving both the insurance company and the policyholder the right to demand an appraisal to determine the value of an insured property. This protects both parties in the event of a dispute over the value of a loss.
References in periodicals archive ?
The appraisal clause provided, in part, "If the other party agrees in writing to participate in appraisal, then appraisal shall proceed pursuant to terms of a written agreement between the parties.
Determine Who Selects the Umpire: The typical appraisal clause provides that if appraisers cannot agree on an umpire, a court in the local jurisdiction will select the umpire.
If the consumer's insurance policy has an appraisal clause and an independent appraisal results in a value higher than the final offer by the insurance company, the insurance company has to pay the reasonable cost of the appraisal.
Also, bad faith claims fall outside the scope of an appraisal clause and will have much greater value if placed before a jury.
They are reopened claims as policyholders invoke the appraisal clause of their homeowners policies.
Cullman asked the circuit court to appoint an umpire pursuant to the appraisal clause in its insurance policy designed to resolve disputes in the event there is disagreement about the value of the property or the amount of loss.
These claims are being reopened as policyholders invoke the appraisal clause of their policies.
If you are an insured and after some re-evaluation of your positions you see yourself asking for a windfall that your business itself would not have produced, likewise you may also be disappointed if you invoke the appraisal clause.
The Appeals Court disagreed, however, and found that the appraisal clause "greatly expanded their range of consideration.
The claims are being reopened as insureds invoke the appraisal clause of their policies, something seldom done before Katrina.
The insurance policy contained an appraisal clause that provided if there was a disagreement about the value of the property or the amount of loss, then either party may make a written demand for an appraisal of the loss.
The policy probably will include an appraisal clause, but that kicks in only when coverage is accepted and when the only disagreement is over the amount of the loss.