What is the duty of an independent appraiser?

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Posted: Wed Nov 18, 2009 6:36 pm Post subject: What is the duty of an independent appraiser?

Should appraisers be allowed to use their expertise and own criteria or depend on insurance company guidelines when estimating losses to be paid to both policy holders and third party claimants? A recent jury award in Connecticut may have set the precedent for following insurance company criteria as an unfair claims practice. At least in this case, it was found that the insurer was controlling pricing by underpaying for procedures and paying for repairs less than prevailing rates. Guess what major insurer they next have their sights on? http://www.newstimes.com/news/article/Auto-body-shops-dent-Hartford-fo r-15M-255694.php http://www.google.com/hostednews/ap/article/ALeqM5hqyCe7xuFg4VDQTQcYKQ rotyoWxQD9C20F901 http://www.courant.com/business/hc-thehartford1118.artnov18,0,960286.s tory http://www.ctlawtribune.com/getarticle.aspx?ID=35545 _________________ If you can't find the time to do it right, how will you ever find the time to do it over.

MikeoftheOzarks

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Location: in the missouri ozarks
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Posted: Wed Nov 18, 2009 8:31 pm Post subject:

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Should appraisers be allowed to use their expertise and own criteria or depend on insurance company guidelines when estimating losses to be paid to both policy holders and third party claimants?

No. Only adjusters have that ability/authority, they are a seperate entity-non-employee of the insurance company. Appraisers do not handle any of the above material.

Trench

Senior member