Loss Appraisal Under the Insurance Act (1989)
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.
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