Insurance policy appraisal is an important part of a loss settlement, as it serves to help provide proof and evidence for verifying a claim. This is an alternate dispute resolution where our Boston insurance policy appraisal attorney can help you to resolve disagreements that may arise with a policyholder. These types of issues occur when the amount of the loss isn’t agreed upon, and therefore there are discrepancies regarding the payments to be paid out on the loss. This is a great alternative to a lawsuit and can save both parties time and money in the long run. At the Law Offices of Marie Cheung-Truslow, we specialize in representing insurers in this type of legal situation.
The Pros & Cons of Insurance Policy Appraisal
With insurance appraisal, the process is much faster than that of initiating a lawsuit. It also costs less overall for the insurance appraisal process. Our experienced legal team can help you to argue your valuation for an insurance claim. This appraisal most of the time is mandatory as stated in an insurance policy. When it is executed properly, the appraisal is binding on the parties as to the amount of the loss only. This doesn’t include coverage costs which may be assessed separately.
How the Process Works
If you as the insurer, and the policy holder fail to agree on a cash value, the amount of the loss, or the cost to repair or replace, a written demand for appraisal needs to occur. Next, two appraisers will be chosen as well as an umpire in order to conduct this appraisal process properly. All parties will estimate the damage and try to come to a legal agreement on the amount of loss with the claim. If the appraisers can’t agree, they submit their differences to the umpire, who will make the final determination for the loss.
Call to Schedule a Consultation With a Boston Insurance Policy Appraisal Attorney Today
If you are experiencing a policy holder requesting an insurance policy appraisal, you need our legal expertise by your side. The Law Offices of Marie Cheung-Truslow can guide you throughout this legal process. We are based in Boston, Massachusetts and we also serve Providence, Rhode Island, Hartford, Connecticut and Portland, Maine. Call us to schedule a consultation to discuss insurance policy appraisal at 617-777-4748 and allow us to use our skill and experience to help you.