APPRAISAL & UMPIRE SERVICES
An Appraisal can be the most cost effective and expeditious way to resolve a financial dispute.
Appraisal & Umpire Services is a specialty ARCANE Inspection Services, LLC is able perform when the need arises.
Our team has the experience and capable of functioning as your representative during an appraisal process, or as an intermediary umpire to two appraisers assisting in binding an accurate and fair resolution to your dispute.
What is an Appraisal?
An Appraisal, is the process of calculating damages by a qualified non-bias third-party, if there is a fiduciary dispute presented by either party.
Appraisers and Umpires are the two representatives involved in an insurance dispute, as illustrated in the graphic star above.
An Appraisal can be invoked by either party and is often times beneficial to one side more than the other. The reason this is beneficial to one party over the other, is that in most cases, it eliminates the potential for recovery of additional damages outside of the scope of the insurance policy. Such as interest, penalties, legal fees, and but not limited to punitive damages.
What Qualifies an Appraisal?
Appraisers must be qualified within the industry to be effective at resolving complex loss events. Anyone that possess general knowledge of the industry, and not affiliated with the claim can be an appraiser. We Go Beyond General Knowledge.
Each side should retain skilled individuals to include experts. This is highly suggested to receive the best result possible. To get optimal results one should employ equal or greater talent in the specific areas that are in dispute. Some of these talents would be provided be licensed adjusters, public adjusters, engineer’s, certified contractors proficient in estimating and experienced claim consultants are generally the best suited for success in appraisal process.
The Appraisal Process
What is an Umpire?
Umpires are selected by the two appraisers and are to be non-bias individuals whom intimately understand the disputes at hand. Umpire costs are equally shared between both parties.
When appraisers fail to agree on the amount of loss without consideration of coverage, otherwise known as an impasse, the parties will then invoke the umpire to create a binding award consistent with only the amounts disputed.
*Each state has additional regulations specific to appraisal as designated by the respective department of insurance. ARCANE Inspection Services, LLC conducts a thorough investigation of each state’s interpretation of appraisal as dictated by the department of insurance prior to engagement.