What does Appraisal Clause mean? Read on to discover the definition & meaning of the term Appraisal Clause - to help you better understand the language used in insurance policies.
Used when the insured and insurer agree that the loss is covered, but the amount of the loss is in dispute. In general, each party selects its own appraiser. If the appraisers cannot agree, they select an umpire. An agreement by any two is binding on all parties.
We hope the you have a better understanding of the meaning of Appraisal Clause.