What does the appraisal process require if there's a disagreement on the amount of loss?

In the appraisal process, if there is a disagreement on the amount of loss, it typically involves the appointment of an umpire to help resolve the differences between the two appraisers representing each party. The shared cost of the umpire is a key aspect because it indicates that both parties are actively participating in the resolution process and are willing to share the expenses associated with bringing in an impartial third party to assess the situation.

This method is designed to ensure fairness and objectivity in determining the value of the loss, particularly when the appraisers have different opinions or assessments. Utilizing an umpire can expedite the process of settling a claim, providing a clearer path toward resolution rather than letting disputes linger indefinitely.

The other options do not align with the typical requirements of the appraisal process. For instance, a single appraiser's report would not address disagreements between two parties; rather, it would represent the perspective of just one side. Likewise, requiring concurrence from all parties involved may not always be practical, especially in contentious situations. Finally, approval from state regulators is generally unrelated to the appraisal process, which is typically managed within the terms of the insurance policy and does not necessitate regulatory oversight for individual claims.