What is Appraisal???
Article by Neal McLoughlin
As an insurance contractor you should know.
Well, sit back here is everything you need to know, for starters.
Appraisal is defined by the International Risk Management Institute Inc out of Dallas, Texas as “Appraisal Clause — property insurance provision allowing either the insurer or the insured to demand a binding appraisal of damaged property in the event of a dispute as to its value and establishing the required appraisal procedure. A few jurisdictions now allow either party to reject the demand for appraisal, as evidenced in state amendatory endorsements for commercial property policies, homeowners policies, or both. Allowing the insurer to reject an insured’s demand for appraisal is disadvantageous for insureds.”
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