{"id":882312,"date":"2015-09-15T06:05:11","date_gmt":"2015-09-15T12:05:11","guid":{"rendered":"https:\/\/www.myconstructionexpert.com\/blog\/?p=882312"},"modified":"2015-09-14T16:07:51","modified_gmt":"2015-09-14T22:07:51","slug":"insurance-appraisal-as-an-insurance-claim-dispute-resolution-tool-2","status":"publish","type":"post","link":"https:\/\/www.myconstructionexpert.com\/blog\/insurance-appraisal-as-an-insurance-claim-dispute-resolution-tool-2\/","title":{"rendered":"Insurance Appraisal as an Insurance Claim Dispute Resolution Tool"},"content":{"rendered":"

Eugene Peterson | Advise & Consult, Inc.<\/p>\n

Over the past few months, I have been amazed, even surprised to learn that many legal professionals are totally unaware of an alternative method of dispute resolution for insurance property claims, when the adjuster and the insured cannot come to agreement. We all know of arbitrations, mediations and civil law suits, yet few are aware that there is yet another option available. \u00a0It is referred to as an \u201cInsurance Appraisal.\u201d<\/p>\n

It is used when agreement cannot be reached in the settlement of a property claim dispute<\/a>.\u00a0 It has the potential of resolving the dispute outside of the standard court system, thus saving time and expense associated with a standard judge\/jury law suit.<\/p>\n

The process in many ways is similar to arbitration as it has most of the same advantages and disadvantages, but differs from arbitration in the number of people that set the value of the loss.\u00a0 In arbitration, a single individual, the Arbitrator, rule on, or judges the dispute.\u00a0 In this insurance dispute resolution process, three individuals, referred to as the panel, are charged with the responsibility to set the value of loss.<\/p>\n

Of note, not all property insurance policies have the Insurance Appraisal<\/a> provision written in them. So it is important to check the policy first before thinking about using this tool.<\/p>\n

In the Insurance Appraisal process, the insurance company and the insured each are responsible for the selection and payment of fees and expenses of their representative.\u00a0 This person is referred to as an \u201cAppraiser.\u201d \u00a0Do not confuse this type of appraiser with that of a real estate appraiser who creates an appraisal document that establishes value of real property for purpose of buying or selling.<\/p>\n

The two \u201cAppraisers\u201d then mutually agree upon and select an independent third person referred to as an \u201cUmpire.\u201d\u00a0 The fee for the services of the Umpire is split equally amongst the two parties.\u00a0 If the two \u201cAppraisers\u201d cannot agree upon an \u201cUmpire,\u201d then either of the parties petitions the court that then makes the appointment.<\/p>\n

This three member panel is charged with the responsibility to set the value of the loss. It is expected that the two \u201cAppraisers\u201d will come to agreement on as many issues as possible, before presenting the contested and disputed items to the \u201cUmpire.\u201d \u00a0When there is disagreement or an impasse, the \u201cUmpire\u201d then becomes involved and theoretically, like in baseball, sides with one or the other of the parties.\u00a0 However, from practical experience, the \u201cUmpire\u201d often works to negotiate a compromise if both positions seem unreasonable.<\/p>\n

In this process, any two of the three panel members can set the final value of the loss.\u00a0 The panel is expected to set an \u201cACV\u201d value (actual cash value \u2013 the value of the property based upon wear and tear, age, etc.) and an \u201cRCV\u201d value (replacement cost value \u2013 cost to replace the property today.)<\/p>\n

The panel is not empowered to adjust the property; they simply set the value of the loss.\u00a0 The property in this process is usually a damaged building or real property, or it can also be personal property (clothing, furniture, etc.).\u00a0\u00a0 Occasionally the panel might be asked to set a reasonable period of time for repair or determine the period of time needed for Additional Living Expenses.<\/p>\n

The upside of the Insurance Appraisal process is that it is flexible, informal, and removes emotional decision making from insured and adjuster.\u00a0 It sets the value of the loss quickly and saves time and money normally expended for the process of discovery and litigation.<\/p>\n

The insurance policy, along with individual state law will determine if the Insurance Appraisal is binding or non-binding.<\/p>\n

The downside is going into battle with someone who is biased and truly not independent, and is seasoned and experienced with the process to the point that they manipulate an unseasoned \u201cUmpire,\u201d as well as the other unschooled \u201cAppraiser.\u201d<\/p>\n

If a construction insurance claim dispute<\/a> needs resolution and the insurance company and the insured cannot come to agreement, then a quick way to resolve the problem and set the value of the loss is via an Insurance Appraisal.\u00a0 It is simply another tool, deemed useful in insurance dispute resolution.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eugene Peterson | Advise & Consult, Inc. Over the past few months, I have been amazed, even surprised to learn that many legal professionals are totally unaware of an alternative method of dispute resolution for insurance property claims, when the adjuster and the insured cannot come to agreement. We all know of arbitrations, mediations and… Continue reading Insurance Appraisal as an Insurance Claim Dispute Resolution Tool<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[7,1],"tags":[131,1],"class_list":["post-882312","post","type-post","status-publish","format-standard","hentry","category-expert-witness","category-insurance-estimates","tag-insurance-appraisal","tag-insurance-estimates","entry"],"jetpack_publicize_connections":[],"yoast_head":"\nInsurance Appraisal as an Insurance Claim Dispute Resolution Tool - Advise & Consult, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.myconstructionexpert.com\/blog\/insurance-appraisal-as-an-insurance-claim-dispute-resolution-tool-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Appraisal as an Insurance Claim Dispute Resolution Tool - Advise & Consult, Inc.\" \/>\n<meta property=\"og:description\" content=\"Eugene Peterson | Advise & Consult, Inc. 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