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Arbitrations – Appraisal Clause

Arbitrations & Appraisal Clause

When an Insured or Claimant and the Insurer disagree upon the amount to be paid on a property or liability claim, then upon written request of either party, the dispute may be submitted for an Appraisal Clause or Arbitration. Each party selects an Appraiser. It is then up to the two Appraisers to come to a mutual settlement agreement.

In the event the two Appraisers are not able to reach an agreement, the Appraisers will select a neutral third party known as the Umpire. Each appraiser will be paid by the party selecting him or her, and the umpire expense shall be shared equally by both parties. The parties are bound by the final agreed decision of any two Appraisers or the Umpire.

IAS can provide a service for this process by either being an authorized independent appraiser or Umpire.

Whether you’re an Insurance Company or a Private Party, contact the nearest IAS office in your area, to schedule your appointment. Learn today how you can benefit from this valuable service. We encourage you to take advantage of our easy to use Assign A Loss page to get started right away!