|What is an "appraisal"?
|typical appraisal language
Once the appraisal request is accepted, the parties appraisers select a competent and disinterested umpire; if the two appraisers cannot mutually agree on an umpire, then, on request of the policyholder/insured or the insurer/insurance company, the umpire shall be selected by a judge of a court of record in the state in which the property covered is located. Appraisal proceedings are informal unless the policyholder/insured and the insurer/insurance company mutually agree otherwise. “Informal” means that no formal discovery shall be conducted, including depositions, interrogatories, requests for admission, or other forms of formal civil discovery, no formal rules of evidence shall be applied, and no court reporter shall be used for the proceedings.The appraisers then appraise the loss, stating separately actual cash value and loss to each item. Only if the appraisers fail to agree shall they submit their differences to the umpire. A written and itemized appraisal award will be filed with the insurer/insurance company when any 2 of the 3 parties (Appraisers & Umpire) agree to an amount for the actual cash value of the loss. Once filed with the insurer/insurance company this amount is the amount of the loss.
Each appraiser shall be paid by the party selecting him or her and the expenses of appraisal and umpire shall be paid by the parties equally.
Insurance Appraisers and Umpires are not required to be licensed in most states but typically have relevant experience and/or credentials. Dottrio maintains the following certifications from the National Association of Insurance Umpires:
CPIU© - Chartered Property Insurance Umpire©
RGA© - Registered General Appraiser©
Public Adjusters and General Contractors often serve as Appraisers and/or Umpires in the insurance claims Appraisal process. General Contractors bring a wealth of knowledge in the areas of labor and material pricing to the process. Public Adjusters bring an expert understanding of the terms and conditions found in the insurance policy to the process. Dottrio is the first Maryland Public Adjuster firm to be licensed as both a Public Adjuster and General Contractor firm and certified as Insurance Claims Appraisers and Umpires. This unique set of credentials makes Dottrio the obvious choice when seeking expert assistance in the insurance claim appraisal process in Maryland, Virginia, Washington, DC & Pennsylvania.
Call us for a no cost, no obligation consultation and inspection. Contact us today at 1-844-368-8746 or via email at: firstname.lastname@example.org