Claims Appraisal
Forte, a member of the Applied Technical Services Family of Companies (FoC), offers services that assist insurance providers with insurance claim appraisals and dispute resolutions.
UNDERSTANDING THE PROCESS.
The insurance claim process can be a major headache for those involved, and that stress only amplifies when there’s a dispute over an asset’s value. Fortunately, our property damage consulting and dispute resolution services can provide much-needed support for insurance companies navigating the nuances and challenges of dispute resolution.
An insurance appraisal is the process of determining the value of lost or damaged property when the insurer and policyholder disagree on the property’s value. An independent appraiser, such as Forte, offers an impartial and professional valuation of the property. Each party in the dispute can seek the help of an independent appraiser.
If the two appraisers fail to agree on a valuation, they must jointly select an umpire who serves as the arbitrator. All parties involved inspect the damage or loss to determine the asset’s value before exchanging their findings. The appraisal amount is determined by the two parties coming to an agreement on the valuation.
If they cannot reach an agreement, a resolution will be reached when the umpire and one of the two disputing parties agree on the valuation. Once the umpire and an additional party agree on the valuation, the decision is typically binding, but that’s dependent on the claim’s jurisdiction.
ABOUT OUR INSURANCE CLAIM APPRAISALS AND DISPUTE RESOLUTIONS.
Our insurance claim appraisers provide assessments that can help insurance companies resolve disputes regarding an asset’s valuation. With a network of over 1,200 specialists, expert witnesses, and consultants, we offer services for all 50 states and the US Virgin Islands. Our professionalism and expertise allow us to assess information unbiasedly, and we employ standard procedures and practices to determine the fair value of an asset.
THE BENEFITS OF CLAIMS APPRAISALS.
Unlike lawsuits, which can take years to resolve, appraisals can help businesses receive proper valuations on their property in a matter of months. Appraisals are less intensive and less expensive than lawsuits, making them an ideal form of escalation for issues pertaining to property valuations. However, there are instances where lawsuits are more effective, such as when negotiations become difficult and it’s increasingly apparent that the other party is acting in bad faith.
