The Appraisal provision in many commercial and homeowner policies is an alternative to a lawsuit for dispute resolution.
In some policies, Appraisal must be attempted before any lawsuit can proceed. The Appraisal process begins when one party, usually the Insured, submits a written demand to the other. Each chooses an Appraiser, and the two Appraisers choose an Umpire. The two Appraisers then estimate the damages and work together to set the amount of the loss.
Any irreconcilable differences are submitted to the Umpire. Agreement by any two of these three sets the amount of the loss.
Each party pays its own appraiser. The parties share the expense of the umpire if needed.
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