Oregon Statutes - Chapter 742 - Insurance Policies Generally; Property and Casualty Policies - Section 742.232 - Appraisal.

A fire insurance policy shall contain a provision as follows: “In case the insured and this company shall fail to agree as to the actual cash value or the amount of loss, then, on the written demand of either, each shall select a competent and disinterested appraiser and notify the other of the appraiser selected within 20 days of such demand. The appraisers shall first select a competent and disinterested umpire; and failing for 15 days to agree upon such umpire, then, on request of the insured or this company, such umpire shall be selected by a judge of a court of record in the state in which the property covered is located. The appraisers shall then appraise the loss, stating separately actual cash value and loss to each item; and, failing to agree, shall submit their differences, only, to the umpire. An award in writing, so itemized, of any two when filed with this company shall determine the amount of actual cash value and loss. Each appraiser shall be paid by the party selecting the appraiser and the expenses of appraisal and umpire shall be paid by the parties equally.” [Formerly 743.648]

Section:  Previous  742.218  742.220  742.222  742.224  742.226  742.228  742.230  742.232  742.234  742.236  742.238  742.240  742.242  742.244  742.246  Next

Last modified: August 7, 2008