An insurance umpire appraisal service is a binding alternative dispute resolution process that typically involves two independent appraisers. Each appraiser will individually evaluate the claim, compare their notes, and come to an agreement on the value of a loss. When a disagreement arises between the property owner’s appraiser and the insurance company’s appraiser, an impartial umpire is suggested as a remedy for reaching a mutual agreement and resolution between the parties.
Umpires Are:
- Independent appraisal professionals
- Experts in loss adjusting
- Competent in the aspects of construction and property recovery services industries
- Responsible for assessing the amount of a property loss and value of a property
- Accountable for assisting appraisers and making a binding decision to settle claim disputes if two appraisers are unable to agree
- Best utilized when appointed at the beginning of the appraisal process