What’s it “Gonna” Cost? I Don’t have a Clue!. A Mock Appraisal Jose Palacios, Peninsula Insurance Bureau Etienne M. Font, Esq., All Lines Claims Consulting, Inc. Karl Bach, RK Bach & Associates, Inc. Bill Larabel, Bill Larabel Claims Consulting, Inc. Appraisal!… What is that?.
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
A Mock Appraisal
Jose Palacios, Peninsula Insurance Bureau
Etienne M. Font, Esq., All Lines Claims Consulting, Inc.
Karl Bach, RK Bach & Associates, Inc.
Bill Larabel, Bill Larabel Claims Consulting, Inc.
Appraisal. If you and we fail to agree on the amount of loss, either may demand an appraisal of the loss. In this event, each party will choose a competent appraiser within 20 days after receiving a written request from the other. The two appraisers will choose an umpire. If they cannot agree upon an umpire within 15 days, you or we may request that the choice be made by a judge of a court of record in the state where the "residence premises" is located. The appraisers will separately set the amount of loss. If the appraisers submit a written report of an agreement to us, the amount agreed upon will be the amount of loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will set the amount of loss.
Each party will:
a. Pay its own appraiser; and
b. Bear the other expenses of the appraisal and
“It is clear from a plain reading of the [appraisal] clause that an informal appraisal proceeding, not a formal arbitration hearing pursuant to section 682.06, Florida Statutes, was intended and agreed upon by the parties in agreeing to the appraisal provisions of the policy.”
Where the amount owed on a claim, arguably within the policy coverage, is dependant on the resolution of disputed issues of fact and the application of policy language to those facts…the extent of the claim does not constitute a “coverage” question…the coverage question is merely whether the claim is arguably within the class of claims covered by the policy, and therefore the [appraisal] provision. JJF of Palm Beach, Inc. v State Farm
Occasionally there are situations that allow for meetings/hearings taking place without a physical inspection by the umpire. Of course, complete supporting back up documentation should be provided in these situations. Examples of these types of situations are:
1. Contents only involved in an appraisal.
2. ALE or some other coverage commercial type claim with loss of stock, signs, etc.
3. Risk no longer at location (home leveled, etc.)
4. Risk sold.