Author: Joseph Brennan
- Image via Wikipedia
Real World Insurance Advice: It is not always an ideal situation when both the policyholder and the insurance company cannot come to a common consensus regarding the insurance claim. It has been often observed that the insurance companies do not agree with the amount that the policyholder has claimed for the damaged property despite the fact that the holder of the policy has produced all possible evidence be it photographs, estimate of the contractor, receipts of repair etc. Damage appraiser is always helpful in this case.
If you are the one next in line and are not content with the claim you have to settle with, it’s better to consult an independent appraiser rather than extending the matter any longer. He/She is an individual who can be hired by the policyholder to dispute the findings of the insurance company through a procedure known as Appraisal.
Insurance Appraisal makes use of the Appraisal Clause that is in most property policies. You will most likely find it within the “What to do after a Loss” or the “Conditions” section of your policy. It is a wise suggestion to always check for this clause whenever signing a policy. It provides you with a voice to fight against inaccurate estimate produced by insurance companies. Claims can be re-evaluated which leaves aside any doubts or confusions between both the parties.
It helps clear the discrepancies on the amount of loss. Your independent appraisal expert will represent your concerns through an Appraisal Panel. The panel includes your appraiser, the insurance companies appraiser and an umpire who will help them both come to a mutual agreement to settle the dispute.
The two appraiser in this case will attempt to discuss and agree upon the claim. In the event that they are unable to do so, the umpire then intervenes. If any two of the three come to an agreement on the amount of loss the dispute is settled. The Amount of Loss is known as the Appraisal Award. Once any two out of those three people in the panel sign the Award, the dispute is over.
However, it is important to note that all three individuals on the appraisal panel do not need to agree. Even if any two on the panel come to an agreement on the amount of loss after evaluating the damage, they will sign the Appraisal Award. Once signed by any two of the three, the dispute will be immediately settled.
It is a win-win situation for policyholders, especially if there is a huge difference in the amount that they wish to claim and the amount that the insurance company has determined. This process allows an independent appraiser to obtain relief for any policyholder involved with a claim dispute, saving your precious time and energy.
(C) Joe Brennan of Insurance Claims Group, Inc. Independent appraisers assist when there is a disagreement about the amount of damage due to a claim. The insurance appraisal may disagree with the report of the damage appraiser.
—
More on the Topic of Insurance Online
How Much Does Life Insurance Cost
Cheap Auto Insurance California
Life Insurance Quotes For Seniors
Thanks
