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Appraisal - A Means to Resolve Disputes About the Amount of Loss 

https://zalma.com/blog

Almost all homeowners policies contain an \\u201cappraisal\\u201d clause similar to  that in the Standard Fire Insurance Policy.  The submission to the appraisers should be in writing, instructing that  the parties do not want the appraisers to follow hard and fast,  arbitrary, or fictitious rules in determining actual cash value, but to  consider all evidence presented to them so that their award will serve  to fully indemnify or compensate the insured for the actual loss he or  she has sustained and at the same time not place him or her in a better  position than he or she was in just before the fire.  By the appraisal provision, the insured and the company promise that if  they cannot agree as to the amount of loss and claim they can submit  their differences to a panel of three impartial arbitrators, called  \\u201cappraisers.\\u201d The decision of the appraisers regarding the amount of  loss is binding on both parties.  Appraisal should be used as a last resort when all efforts to reach an  agreed amount of loss with the insured have failed. The appraisal  provision is optional, and neither the insured nor the insurer is  obligated to invoke that provision. 

 \\xa9 2021 \\u2013 Barry Zalma  Barry Zalma, Esq., CFE, now limits his practice to service as an  insurance consultant specializing in insurance coverage, insurance  claims handling, insurance bad faith and insurance fraud almost equally  for insurers and policyholders. He also serves as an arbitrator or  mediator for insurance related disputes. He practiced law in California  for more than 44 years as an insurance coverage and claims handling  lawyer and more than 52 years in the insurance business. He is available  at http://www.zalma.com and zalma@zalma.com.  Mr. Zalma is the first recipient of the first annual Claims Magazine/ACE  Legend Award.  Over the last 53 years Barry Zalma has dedicated his life to insurance,  insurance claims and the need to defeat insurance fraud. He has created  the following library of books and other materials to make it possible  for insurers and their claims staff to become insurance claims  professionals.  Go to the podcast Zalma On Insurance at https://anchor.fm/barry-zalma;  Follow Mr. Zalma on Twitter at https://twitter.com/bzalma; Go to Barry Zalma videos at Rumble.com at https://rumble.com/c/c-262921; Go to Barry Zalma on YouTube- https://www.youtube.com/channel/UCysiZklEtxZsSF9DfC0Expg; Go to the Insurance Claims Library \\u2013 https://zalma.com/blog/insurance-claims-library/ Read posts from Barry Zalma at https://parler.com/profile/Zalma/posts; and Read last two issues of ZIFL here.