What is the Appraisal Process?
Once your Public Adjuster and the Insurance Adjuster determine your coverage and damages, each prepares their estimate. The insurance company and the Public Adjuster will either agree or not agree to the total amount of the costs to repair or replace the damaged targets. If the opposing adjusters do not agree, your public adjuster should recommend options. One alternative is to proceed to Appraisal.
Knowledge of the “insurance appraisal clause” in your property insurance policy or contract may be significant in negotiating and settling your insurance claim.
Nearly all insurance policies consist of an appraisal clause. The Appraisal Clause typically appears in “what to do after a loss” and reads the following:
“If you and we (the insurance company) fail to agree on the amount of loss, either may demand an appraisal of the loss. In this incident, each party will select a competent appraiser within 20 days after receiving a written request from the other. The two appraisers will choose an umpire. If they cannot concur upon an umpire within 15 days, you or we may request that the selection be made by a judge of a court of record in the state where the “residence premises” is located. The appraisers will separately set the amount of loss. If the appraisers submit an agreement to us, the amount agreed upon will be the amount of loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will set the amount of loss. Each party will: a. pay its own appraiser and b. bear the other expenses of the appraisal and umpire equally in many property insurance policies.”
Please note: there may be differences from state to state and company to company.
Your Public Adjuster will review your policy to see if this appraisal process is part of your contract.
D’Orsa and Associates, LLC retains appraisers to assist in the event you select the appraisal path. The appraisers and umpires should be members of the Insurance Appraisal and Umpire Association. http://www.iaua.us/