Insurance Claim Appraisals
What is an Insurance Claim Appraisal?
Many times, during the claim process there will be a dispute over the value of the damages, for this type of situation the insurance appraisal process may possibly be the best option to settle your claim. The term Appraisal is often confused as many people automatically think about appraisals as they relate to real estate. Appraisal for Insurance Claims is a provision in many policies that once invoked will put the resolution of the claim in the hands of the Appraisal Panel which consists of 2 insurance appraisers and 1 umpire, any 2 of the 3 signing an award will settle the claim. Insurance Claim Appraisal has unfortunately been taken out of many policies and modified in others; you will have to check the ‘Conditions’ section of your policy to see if Appraisal may be available to you.
When engaging in the insurance appraisal process it is very important to choose an Insurance Appraiser that understands the appraisal process, your damages and how to assess and present them in relation to your claim. Dan Labow, the President of Sterling Public Adjusters, LLC d/b/a Get Paid For Your Claim is an Insurance Appraiser and has received the designation of CPIA (Certified Property Insurance Appraiser) and CPIU (Certified Property Insurance Umpire) from the IAUA (Insurance Appraiser & Umpire Association) as well as successfully completing the WIND Appraiser Certification course. We have assisted numerous property owners through the appraisal process with very positive results. It is our understanding of the policy, construction and the team of experts that we work with that together are able to achieve the final result that our clients deserve.
Appraisal Frequently Asked Questions
What is a Property Insurance Appraisal? A property insurance appraisal is performed by a competent and impartial professional who evaluates claims and value of the property or amount of a property loss. Each party (insurance company and policyholder) selects their own impartial appraiser when the insurance appraisal clause is invoked. Dan Labow, the President of Sterling Public Adjusters, LLC d/b/a Get Paid For Your Claim is a Certified IAUA (Insurance Appraiser & Umpire Association) Appraiser.
What Is a WIND Certified Appraiser ® The WIND Certified Appraiser Program® was introduced in 2012 to enhance the professionalism and ethics of property insurance appraisers. The WIND Appraiser Certification class prepares insurance professionals to act as an appraiser in the appraisal process. Dan Labow, the President of Sterling Public Adjusters, LLC d/b/a Get Paid For Your Claim is a WIND Certified Appraiser.
What is the Insurance Appraisal process?
Appraisal is a Policy Provision found in the Loss Settlement section. It is an Alternate Dispute Resolution, which can resolve disagreement when the Carrier and Policyholder do not agree on the amount of loss. It is an alternative to a lawsuit. Appraisal does not address coverage issues; however, it can include or exclude items based on causation depending on the state.
When is Appraisal Appropriate?
Sometimes there is a disagreement over the insurance company’s valuation of an insurance claim. Policyholders often think the only way to settle the dispute is to hire a lawyer. Fortunately, this is not the case. Appraisal is a method of Alternative Dispute Resolution often found in many homeowner and commercial insurance policies.
The language will often, but not always, state that appraisal is mandatory when properly demanded by the insurer or insured. It is important to have a qualified Appraiser review your policy to determine your options.
When properly executed, appraisal is binding on the parties as to the amount of loss only. Appraisal does not determine coverage. If not properly invoked, employed, and/or carried out the process may not be binding, so it is important to select a qualified appraiser and umpire.
Once the Appraisal clause/provision is invoked, the insured’s appraiser and the insurance carrier’s appraiser will estimate the damage and try to come to an agreement on the amount of loss.
If the appraisers fail to agree, they will submit their differences to the umpire. An itemized decision agreed to by two of these three will set the amount of loss. Such award shall be binding.
Each party will pay its own appraiser and bear the other expenses of the appraisal and umpire equally.