Joe Gulick | Claims Journal In the world of insurance valuation disputes, the selection of the appraiser and umpire can significantly influence the outcome of an appraisal. These professionals play an important role in resolving disagreements over the value of damages, and their competence, impartiality, and negotiation skills are essential for achieving fair awards. Whether… Continue reading The Right Appraiser or Umpire for The Insurance Appraisal Process
Category: Insurance Appraisal
Minnesota Courts Enforce Policy Provisions Barring Preaward Interest on Appraisal Awards
Lindsey Davis and Bryan Lee | Zelle Insurers must generally pay statutory preaward interest on Minnesota appraisal awards under commercial and residential property policies unless the policy expressly prohibits such interest. Recent decisions confirm that Minnesota courts will enforce policy provisions barring preaward interest. Recovery of interest is based on Minnesota Statute section 549.09, which governs… Continue reading Minnesota Courts Enforce Policy Provisions Barring Preaward Interest on Appraisal Awards
The Financial Damages Model for Loss of Value
A. Scott Davidson, Sid Jaishankar, Ashley Houlden, and Michael Sherlock | Kroll Introduction Damages are generally calculated as either a loss of income or a loss of capital. When damages are determined on account of a loss of capital, it is often necessary to perform a valuation of an asset or business. This chapter is… Continue reading The Financial Damages Model for Loss of Value
Selecting the Right Appraiser or Umpire for the Insurance Appraisal Process
Joe Gulick | JS Held Introduction In the world of insurance valuation disputes, the selection of the appraiser and umpire can significantly influence the outcome of an appraisal. These professionals play an important role in resolving disagreements over the value of damages, and their competence, impartiality, and negotiation skills are essential for achieving fair awards.… Continue reading Selecting the Right Appraiser or Umpire for the Insurance Appraisal Process
A Permissive Appraisal Provision Does Not Constitute a Condition Precedent
Scott Keffer | Zelle The U.S. District Court for the Northern District of Texas, Fort Worth Division, recently granted an insurer’s motion for summary judgment, rejecting the insured’s argument that the contractual limitations period (2 years + 1 day) contained in its policy was unlawful and that the policy’s appraisal provision constituted a condition precedent… Continue reading A Permissive Appraisal Provision Does Not Constitute a Condition Precedent