What is typically true about the parties involved in an appraisal?

In the context of an appraisal, it is typically true that both parties involved in a dispute or claim must hire their own appraiser. This process is designed to ensure that each side has representation and that their interests are adequately considered. By having separate appraisers, both parties can present their perspectives and valuations of the loss or damage in question, which fosters a more balanced assessment.

The appraisal process is often used in insurance claims, especially in situations where there is a disagreement on the value of a claim or the extent of damages. The two appraisers will independently evaluate the claim, and if they cannot agree on the value, they may then involve an umpire, who is usually a neutral third party, to help reach a resolution.

This structure promotes fairness and can lead to more satisfactory outcomes for both parties, as it prevents a single appraiser from making unilateral decisions that might favor one side over the other. It is a collaborative yet structured approach that aims to resolve disputes efficiently.

Understanding the role of appraisers in this context emphasizes the importance of representation in negotiations and dispute resolution processes within the insurance framework.