Appraisal
Appraisal
Appraisal is a process that is invoked through most insurance policies for first party property damage claims. Most property insurance policies have an appraisal clause. When the insured and the insurance carrier cannot agree on the amount of the loss, either party can demand an appraisal.
CSI Group has performed over 1,000 appraisals for both policyholders and insurance carriers. Our extensive experience enables us to provide fair, thorough, and well-documented appraisals that withstand scrutiny.
Sample Appraisal Clause
"If we and you disagree on the value of the property or the amount of loss, either 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 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."
Understanding the appraisal process is critical for both policyholders and carriers. CSI Group serves as appraiser for either side or as a neutral umpire, bringing impartiality and expertise to every engagement.
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