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 ?
Your Texas Auto Policy contains an appraisal clause and it states the following:
There were multiple offers, so Laronga and his newlywed clients waived all contingencies except a 10-day appraisal clause to secure the home $50,000 above ask.
During the claims process, Johnson had demanded an appraisal of the damages, pursuant to the appraisal clause of the insurance policy.
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.
The mediations are free of charge and using the program does not preclude an association's right to take the dispute to court or to invoke the policy appraisal clause.
2) the filing with the Company of an award as provided in the APPRAISAL clause of this
They are reopened claims as policyholders invoke the appraisal clause of their homeowners policies.
The court reasoned that prohibiting appraisers from determining causation would undermine the purpose of the appraisal clause, which is to avoid litigation and encourage settlement.
The insured had moved the trial court to appoint an umpire pursuant to an appraisal clause in its insurance policy designed to resolve disputes in the event the insurer and insured "disagree on the value of the property or the amount of loss.
These claims are being reopened as policyholders invoke the appraisal clause of their policies.