Keywords: insurance; loss; appraisal; alternate dispute resolution; insurer; indemnify; insured; policy; contract; business interruption loss; peril; fire; valuation; statutory; appraisal; procedure; damage; Insurance Act;
In cases where an insured party and their insurance provider fail to reach an agreement on the value of damages, the Insurance Act sets out an appraisal process to avoid a potentially expensive and lengthy litigation. This process is mandatory for insurance policies related to fire damage, although business interruption losses are excluded. Amending the legislation to allow the appraisal process to be used in relation other forms of property damage and to business interruption losses would be beneficial.
Below you will find additional, relevant and specific documentation, backgrounders, research, resources, media releases and summaries that have been, or will be incorporated into our final publications and study papers.
If you have questions about these or other specific documents, please reach out to BCLI using our contact page or at the bottom of each page of our website.