Do I need an appraiser for a lawsuit from an insurance claim?
Art insurance policies, for the most part, are vague on definitions of value and valuation methods. A qualified appraiser can clarify these issues and clearly explain conclusions of value in an appraisal report. In the event of a disagreement over a claim, the insured and insurer retain their own appraisers to assess value. If the appraisers arrive at a different value(s), their reports are then submitted to an arbitrator or judge who reviews their findings and makes a final decision. Critical decisions are made based on these reports — how well comparable properties are researched, how values are argued, how the appropriate use of the definition of value is applied, and the adherence to USPAP by the appraiser. Owners and attorneys need to be aware that their case depends on the appraiser’s knowledge, experience, education, credentials, and quality of work product. Not all appraisers are created equal.