The typical homeowner’s insurance policy has a clause allowing the parties to use appraisal to resolve disputes. The process is intended to quickly and economically determine the amount of a loss in cases of disagreement. Like many aspects of Oklahoma law, the use of a three person panel should be approached with the advice of an experienced attorney. The Oklahoma appellate decisions heavily impact the outcome.
In simple terms, appraisal involves three parties that serve as a panel.
Each side chooses someone to act as a disinterested appraiser. Then, the two appraisers choose the third person, known as the Umpire, by agreement. If the two appraisers are not able to pick the Umpire by agreement, then either side can ask the court to select the Umpire.