Arbitration and insurance appraisal are two different methods of resolving disputes and determining the value of a loss or damage.

Arbitration is a form of alternative dispute resolution in which an impartial third party, known as an arbitrator, hears and decides the dispute between two parties. The decision of the arbitrator is final and binding, and the parties usually agree in advance to abide by the arbitrator’s decision. Arbitration is often used in contract disputes, construction disputes, and other commercial disputes.

Insurance appraisal, on the other hand, is a process used to determine the value of a loss or damage under an insurance policy. The process typically involves the appointment of an impartial appraiser, who will assess the damage and determine the cost of repairs or replacement. The appraiser’s decision is usually binding on both the insurer and the policyholder, and the cost of the appraisal is usually shared by both parties. Insurance appraisal is often used in property insurance claims, such as those involving damage to a home or business.

In summary, arbitration is a method of resolving disputes between parties, while insurance appraisal is a method of determining the value of a loss or damage under an insurance policy. Both processes involve the use of an impartial third party, but the purpose and outcome are different.

If you’re curious as to whether or not invoking appraisal is right for you, give Property Claim Advocates a call. We are happy to discuss your claim with you and give you unbiased advice free from solicitation. Property Claim Advocates Master Trained Public Adjusters are experienced and skilled at Appraising loss values for policyholders if you determine invoking appraisal is right for you.

Written by Bernie Williams and distributed by the Property Claim Adjustment Team at Claim Adjusters Network, LLC dba: Property Claim Advocates Mr. Williams is a Founding Partner of Claim Adjusters Network and a C.A.N University Master Trained Public Adjuster course instructor. Mr. Williams has been involved in the insurance industry for more than 20 years.