Professional evaluation to determine a property’s insurable value or the amount of a loss.
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An assessment to determine the value of an item or property to obtain adequate insurance coverage or determine replacement value.
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A determination of the value of property for the purposes of determining the proper amount of insurance to be bought or in adjusting a loss. In event of a loss and the carrier and insured disagree on the amount of the loss, either may request an appraisal. Each party then selects an appraiser, and the appraisers select an umpire. An agreement between two of the three determines settlement.
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Survey or examination of real or personal property to determine its value. In real estate transactions, the appraisal normally measures the market value of the property. In Insurance, appraisals normally measure the actual cash value, replacement cost, or other insurable value of property. Refer “Value, actual cash value,” and “Replacement Cost.”