What is the process if the insured and the company disagree on the actual cash value or amount of loss?

When there is a disagreement between the insured and the insurance company regarding the actual cash value or the amount of loss, the process typically involves each party selecting a competent and disinterested appraiser. This procedure stems from a common practice in the insurance field, particularly in policies that contain an appraisal clause.

In this context, a "competent" appraiser possesses the necessary skills and expertise to accurately assess the damages or loss, while being "disinterested" means the appraiser does not have any stake in the policy or financial outcome of the appraisal process. This neutrality ensures that the evaluation is fair and impartial, providing both parties with an objective assessment that can facilitate resolution of the dispute.

Once both parties have appointed their appraisers, they will work to either agree on the value of the loss or, if they cannot find common ground, a third, independent appraiser may be selected to make a final determination. This approach minimizes conflict and provides a structured pathway for resolution without the need for more adversarial or legal proceedings.

The other options offered in the question do not align with this typical process; mediation involves a facilitator who helps to negotiate a solution, which is not the direct appraisal focus needed here. The option of referring the case to