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 insurance 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. As the valuation of insurance losses become more sensitive, the need for insurance umpires will continue to grow.
Insurance Umpiring Process:
If you and we fail to agree on the actual cash value, amount of loss, or cost of repair or replacement, either can make a written demand for appraisal. Each will then select a competent, independent, appraiser and notify the other of the appraiser’s identity within 20 days of receipt of the written demand. 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 district court of a judicial district where the loss occurred. Each party will pay its own appraiser and bear the other expenses of the appraisal and umpire equally.
The experience and knowledge that Scott Olson has obtained in his 20+ insurance carrier makes him a great candidate as your insurance umpire. Scott’s experience working as both a Staff Adjuster and an Independent Adjuster gives him insight and perspective from both that is invaluable to the Appraisal process. Scott has worked closely with various industry experts including engineers, forensic accountants, construction consultants, and construction contractors. Scott’s extensive experience handling claims through the mediation and litigation process provides him with the knowledge and skills needed to accurately articulate present and negotiate on your behalf in the Appraisal and insurance umpiring process.