Referral to impartial but knowledgeable parties when the company and the claimant cannot agree on the value of a claim. The arbitrator's decision is binding on both parties.
A determination made by impartial experts of the value of property or the extent of damage. Arbitration is an alternative to litigation of matters in dispute.
- Browse Related Terms: Appraisal, Arbitration, Covered Expenses, Escrow, Inspection Report, Liability Coverage, Liability insurance, Negligence, Private Mortgage Insurance (PMI), Property damage, Single interest insurance, Watercraft Endorsement
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