Expert Diminished Value and Independent Appraisals

When a disagreement arises regarding the total value of your claim, both you and the provider reserve the right to initiate a formal appraisal process. During this procedure, each side appoints a qualified professional appraiser. These two representatives will then designate a neutral umpire to oversee the case. If a mutual agreement on an umpire cannot be reached promptly, the selection may be referred to a court of law. Each expert will perform a thorough assessment to pinpoint the current market value and loss total. If consensus is not met, the findings are presented to the umpire. A binding decision is reached once any two of these three specialists sign off. Each side is responsible for: • Covering their appraiser fees; and • Splitting the umpire costs equally.