Property insurance provision allowing either the insurer or the insured to
demand a binding appraisal of damaged property in the event of a dispute as
to its value and establishing the required appraisal procedure. A few jurisdictions
now allow either party to reject the demand for appraisal, as evidenced in state
amendatory endorsements for commercial property policies, homeowners policies,
or both. Allowing the insurer to reject an insured's demand for appraisal is
disadvantageous for insureds.
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