Friday at 2 With Chip is going to be interesting today. The Executive Director from FAPIA, Nancy Dominguez, sent me a State Farm policy that I have confirmed was the policy used in an appraisal in Florida. Here is the relevant language:
Appraisal. If you and we fail to agree on the amount of any loss under SECTION 1-PROPERTY COVERAGES, either party can demand that the amount of the loss be set by appraisal. A demand for appraisal must be in writing. You must comply with SECTION I – CONDITIONS, Your Duties After Loss before making a demand for appraisal. At least 10 days before demanding appraisal, the party seeking appraisal must provide the other party with written, itemized documentation of a specific dispute as to the amount of the loss, identifying separately each item being disputed.
Continue Reading New Requirements for Being a Property Insurance Appraiser—Are Insurers Going to Change Appraisal With New Policy Language?