Appraisal Clause
/əˈpreɪzəl klɔːz/
Definitions
- (n.) A provision in an insurance contract that allows for an independent appraisal of the disputed value of a claim before litigation.
The insurance policy included an appraisal clause to resolve disagreements over the loss amount.
Forms
- appraisal clause
- appraisal clauses
Related terms
See also
Commentary
Appraisal clauses are common in property insurance and serve to avoid litigation by providing a binding independent valuation process.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.