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INSURANCE APPRAISAL CLAUSE
Patrick King & Associates has served as appraiser and umpire in dozens of insurance appraisal clause files. Our experience shows that disputes can be resolved relatively quickly, compared to the time element involved in litigation. The costs involved in the appraisal clause process are significantly less than the cost of litigation.
When settlement amounts are in dispute, the parties involved are often frustrated, and sometimes the insured honestly does not understand the coverage limits that their insurance policy provides. This is the time for either party to consider resolving the differences under the appraisal clause provision in the insurance policy. The "appraisal clause" found in all insurance policies, was designed to establish a procedure to allow disputed amounts to be resolved by disinterested parties.
Each party appoints an independent, disinterested appraiser. From that point on the principals are not involved in the dispute because each appraiser must independently access the loss. The appraisers resolve the amounts or scope of damage. An independent, disinterested umpire, pre-selected by the two appraisers, stands ready to resolve any disputes between the two appraisers. To be an effective umpire, the umpire must also be impartial, willing to listen, ask questions and be of good moral stature and reputation. An umpire that has vested or undisclosed interests or reward, other than his hourly rate, must be avoided at all costs. The appraisal clause is not designed to accommodate lawyers, therefore legal fees are not incurred, and the time to settlement is minimized, benefiting all involved.
We have successfully completed cost effective insurance appraisal clauses in Florida, Indiana, Illinois, Michigan, North Carolina, South Carolina, Louisiana, Mississippi, Texas, Tennessee and Wisconsin dealing with art value, use value, historical value, research value, age value, new value, sentimental value, monetary value, educational value, and rarity.
Appraisal Clause Cost Effective Way
Insurance appraisal clause regarding lender reo mortgage asset recovery commercial building
Insurance appraisal clause regarding lender reo mortgage asset recovery residential structures
Insurance appraisal clause regarding commercial building
Insurance appraisal clause regarding commercial building contents
Insurance appraisal clause regarding residential structures
Insurance appraisal clause regarding residential structure contents
Insurance appraisal clause regarding Fine Art and Paintings
Insurance appraisal clause regarding Ceramics
Insurance appraisal clause regarding Fine Art Serigraphs
Insurance appraisal clause regarding Fine Art Sculptures
Insurance appraisal clause regarding Oriental Rugs
Insurance appraisal clause regarding Tiffany
Insurance appraisal clause regarding Silver
Insurance appraisal clause regarding Crystal
Insurance appraisal clause regarding Rare Books
Appraisal clause insurance regarding lender reo mortgage asset recovery commercial building
Appraisal clause insurance regarding lender reo mortgage asset recovery residential structures
The circumstances under which an insured or insurer has requested our services include fire, hurricane and water damage.
Patrick B. King & Associates
(847) 679-4747
e-mail us at: pbking2@sbcglobal.net
Ó Copyright Patrick B. King & Associates 2008