appraisal clause

noun

  • Insurance Law

Definitions of appraisal clause

  • a provision in an agreement with an insurance company stating that either party to the agreement (=insurance company or the insured) has the right to an independent (=third party) estimate of a claimed loss

    The insurance policy's appraisal clause requires the parties to split the appraisal costs.

Phrase Bank for appraisal clause

  • We granted State Farm’s petition to decide whether the dispute here fell within the scope of this appraisal clause.

  • While trial courts have some discretion as to the timing of an appraisal, they have no discretion to ignore a valid appraisal clause.

  • The plaintiffs’ insurance policies contain an appraisal clause, which may be invoked by either party, for determining a vehicle’s value if the insurer and the insured disagree.

  • After a period of four to five years, USF & G received notice that the insureds disputed the amount of loss, demanded additional compensation, and intended to invoke the appraisal clause if payment was not made.

  • Upon demand by the insurers, appraisers were appointed, pursuant to the statutory appraisal clause contained in the policy, for the purpose of having them determine the actual cash value of the building.

  • The trial court held that the appraisal clause contained in the Licea’s homeowner’s policy was void for lack of mutuality.

  • This case concerns the scope of an appraisal clause in a fire and wind insurance policy, which provides that either party may demand an appraisal if the parties fail to agree on “the amount of loss.”