Advantages to the Insurance Appraisal Process
Advantages to the Insurance Appraisal Process
There are several advantages to the Insurance Appraisal Process The most obvious is costs Insurance Attorney’s will usually charge 30% to 45% of the total award On a $200,000 claim, the attorney’s fee would be in the range of Sixty to Ninety-thousand dollars ($60,000 to $90,000) That can hurt a policyholder trying to rebuild their life Remember, the Insurance Appraisal Process was designed to keep these disputes out of the courtroom . .The advantage of invoking appraisal allows for a less formal or non-legal proceeding An Independent Appraiser usually charges in the range of $125 to $200 per hour Using the same example above with an award of $200,000; if the dispute took 25 to 50 hours, the cost would be in the range of Five Thousand to Ten Thousand dollars ($5,000 to $10,000) This can be a significant difference . .Another advantage is time The courtroom can delay an insurance claim dispute for years, where the Appraisal Process usually only takes a few months Sometimes it can last longer depending on the complexity of the claim However, the courtroom will most certainly be longer The result of less time and less cost becomes a less of a burden for both sides of the dispute . .Once an award is signed the insurance company has 30 to 60-days (depending on state) to settle the award . .Should I Invoke the Appraisal Clause For My Claim? . .When the dispute is real and the damages are real, the policyholder usually see’s a greater return at the end of the appraisal If the policyholder’s claim is supported by an Insurance Claims Expert, building or repair contractors, or an engineer - and the amount of money between the two estimates is large, the Appraisal Process is a no-brainer However, if a contractor or Public Adjuster is trying to beef-up the damages for their own benefit, then it’s the policyholder that pays dearly for it If you’re considering invoking appraisal on your claim you should consult an insurance claim expert to see if it’s worth your time and effort . .Being that the Appraisal Award is binding the policyholder should be sure before they cost themselves unwanted anguish If the outcome of your Appraisal Award is not what was to be expected, both parties must live with the result As stated, the Appraisal Award is binding on “both parties ” . .At the end of the day nothing is risk free There are no promises or guarantees with the outcome of any Appraisal However, if you have a dispute over $20,000 you’re more than likely to have a result you can live with Do your homework and remember to choose an Independent Appraiser that is educated and experienced with the type of damages you have, what caused the damage, and the type of property damaged Keep in mind that this is “YOUR,” property and “YOUR,” insurance policy Your policy protects you with the Insurance Appraisal Process, so that . .The Playing Field Remains Level, and The Process Works Fairly . .For Both Parties Not Just The Insurance Companies! .
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What to Do at the Scene of an Accident.. Part 2
In a previous article, we recounted the steps you should take at the scene of an auto, truck, or motorcycle accident in which you’ve sustained a personal injury. Followed correctly, these steps will go a long way in ensuring that the accident scene and your injuries are well documented and your rights are protected. The attorneys of Skousen, Gulbrandsen & Patience, PLC would like to remind you of a few simple additional tips that, if put into practice at the scene of an accident, will go even further in making certain that a full and accurate accounting of the incident is on the record. Tip number one for today… document the damage! Hard as it is to believe, many accident victims don’t make sure that photos of the damage to their vehicle are taken at the scene of the accident. Always make certain that photos are taken prior to having repairs done. Once this is done, you or your attorney can contact your insurance carrier about beginning repairs. Remember also that if the accident was not your fault and you don’t want to facilitate repairs through your own carrier, you have the right to go through the at fault party’s insurance company. Following an accident there are parties you should cooperate with, the primary one being the police of course. There are also parties you should avoid speaking with, and it’s vital that you know who they are. Simply put, avoid speaking with anyone but your attorney, members of his staff, or his or her investigator regarding the accident or your case. This includes even your own insurance company, as your attorney may wish to be present for those conversations. There is a likelihood that you may be approached by outside parties regarding your case. If so, immediately inquire as to who they represent. If they aren’t a part of your legal team, then zip it. It’s no secret that the immediate aftermath of an accident can be chaotic, emotion filled, and frightening. If you’ve sustained an injury of any sort, this can only add to the chaos. Still, it is important to keep your wits about you and proceed in a fashion that benefits you. By following the steps outlined in these articles, and by seeking the representation of an experienced accident attorney, you’ll go a long way in securing the outcome you deserve.Michael Dugger is an associate of Skousen, Gulbrandsen & Patience, PLC. The <a href="http://www.sgplaw.com/">attorneys</a> at Skousen, Gulbrandsen & Patience, PLC have been successfully handling <a href="http://www.sgplaw.com/">auto accident</a> and other <a href="http://www.sgplaw.com/">personal injury claims</a> in Arizona for more than 40 years.
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