Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

CRAWFORD & COMPANY

(CRD.B)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Crawford mpany : Invoking the appraisal process

07/29/2021 | 03:59pm EDT

In an ideal claims scenario the insured suffers a loss, reports it, coverage is promptly determined, and the insurer issues payment for the value of repair or replacement. However, there are instances where the insured and the insurer don't agree upon the scope of damages, and/or the costs associated with it, leaving both parties at a disadvantage with few options to explore.

These disputes often end in litigation, but one of the lesser-known options is to invoke the appraisal process provision. The purpose of the appraisal process is to come to a final and binding resolution on quantum disputes.

Appraisals are less formal than arbitration, however there are still guidelines for how they are conducted. To begin the process, a proof of loss must be filed and the party making the demand formally identifies who will be acting as their appraiser. The other party then has seven working days to appoint their chosen appraiser. Once both appraisers are elected, they move forward with the full authority of the respective principals and come to an agreement on the amount of loss.

If their efforts do not yield a full agreement, an umpire is appointed to settle their differences. In situations where an insurer triggers this mechanism and the policyholder refuses to participate in the process, the insurer can petition the court to appoint an appraiser.

Prior to the pandemic almost all meetings were in person and held in a boardroom environment with parties on either side of the room and the Umpire in the middle guiding the process. During the pandemic, the Tribunals slowly switched to holding the meetings online via Zoom or Microsoft Teams.

Online Appraisal Tribunals can eliminate travel expenses and reduce delays but many appraisers still find it more effective to meet a witness in person or review large volumes of files in a boardroom. Much like the court system, holding Appraisals virtually has now arrived and is likely to continue for straightforward losses with minimal evidence.

The appraisal provision is one of the best-kept secrets within the insurance industry, and its usefulness in addressing and resolving claim disputes concerning quantum is unequivocal. It is certainly something to consider if you find yourself in a claim tug-of-war.

To read more about how the appraisal process provision can help streamline and expedite claims while avoiding litigation and the costs associated with it, download the Stuck in a Tug-of-War Claims Scenario? white paper.

Disclaimer

Crawford & Company published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 19:58:04 UTC.


© Publicnow 2021
All news about CRAWFORD & COMPANY
09/16PRESS RELEASE : Novartis reports positive -2-
DJ
09/14CRAWFORD MPANY : Adjuster spotlight - Zakky Cheng
PU
09/13CRAWFORD MPANY : named winner of Achievers 50 most engaged workplaces award
PU
09/09WOMEN IN ASIA : Maria Necita “GiGi” B. Geronimo, General Manager
PU
09/08WOMEN IN ASIA : Maytavee Suthanupapwut, Assistant Manager Loss Adjuster
PU
09/07WOMEN IN ASIA : Wendy Lee, Director of Marine Cargo
PU
09/06FTSE 100 Rises 0.7% Led by ITV
DJ
09/06FTSE Rises, Randall & Quilter Gains After Launching Gibson Re
DJ
09/06FTSE Gains, Pound Could Face Volatile October
DJ
09/06ATTRAQT : Appoints New Nonexecutive Chairman
MT
More news
Analyst Recommendations on CRAWFORD & COMPANY
More recommendations
Financials (USD)
Sales 2021 1 060 M - -
Net income 2021 37,5 M - -
Net Debt 2021 - - -
P/E ratio 2021 12,8x
Yield 2021 2,76%
Capitalization 472 M 472 M -
Capi. / Sales 2021 0,44x
Capi. / Sales 2022 0,43x
Nbr of Employees 8 054
Free-Float 49,4%
Chart CRAWFORD & COMPANY
Duration : Period :
Crawford & Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CRAWFORD & COMPANY
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Last Close Price 8,68 $
Average target price 12,50 $
Spread / Average Target 44,0%
EPS Revisions
Managers and Directors
Rohit Verma Chief Executive Officer & Director
Joseph Odilo Blanco President & Director
William Bruce Swain Chief Financial Officer & Executive Vice President
Michelle E. Jarrard Non-Executive Chairman
Andrew Bart President-Global Technical Services
Sector and Competitors
1st jan.Capi. (M$)
CRAWFORD & COMPANY20.56%472
ALLIANZ SE-4.94%91 976
MARSH & MCLENNAN COMPANIES, INC.35.23%78 948
CHUBB LIMITED17.30%77 920
ZURICH INSURANCE GROUP LTD4.02%61 976
BAJAJ FINSERV LIMITED89.08%36 372