The insurance claim process can be a major headache for those involved, and that stress only amplifies when there’s a dispute over an asset’s value. Fortunately, our property damage consulting and dispute resolution services can provide much-needed support for insurance companies navigating the nuances and challenges of dispute resolution.
An insurance appraisal is the process of determining the value of lost or damaged property when the insurer and policyholder disagree on the property’s value. An independent appraiser, such as Forte, offers an impartial and professional valuation of the property. Each party in the dispute can seek the help of an independent appraiser.
If the two appraisers fail to agree on a valuation, they must jointly select an umpire who serves as the arbitrator. All parties involved inspect the damage or loss to determine the asset’s value before exchanging their findings. The appraisal amount is determined by the two parties coming to an agreement on the valuation.
If they cannot reach an agreement, a resolution will be reached when the umpire and one of the two disputing parties agree on the valuation. Once the umpire and an additional party agree on the valuation, the decision is typically binding, but that’s dependent on the claim’s jurisdiction.
