PP440-OOO - Insurance, Appraisers and the Law

Registration

Please see the "Upcoming Classes" tab for class offerings and registration information.

Course Description

Given the societal shifts changing the market for most personal property since the Great Recession, loss claim work rather than insurance coverage assignments comprise a growing portion of our appraisal businesses. Appraisal reports prepared for loss claims (whether an insurance company is involved or not) are among the most scrutinized of our appraisal work products; it is not unusual for these disputes to proceed to mediation or arbitration, if not to court.

This two-day course co-taught by an experienced appraiser and an insurance law attorney, examines and analyzes the role of the appraiser and collateral professionals. Addressed in depth are best practices for insurance coverage appraisals and those for loss claims both with and without insurance policies in effect.

Basic components of the insurance code (essentially consistent across all 50 states) are discussed in detail, as is insurance industry terminology, widely accepted court decisions and case law relevant to the insurance and appraising of fine and decorative arts (and gems and jewelry). Participants will gain a strong foundation for producing a professional report that meets the needs of the parties involved. This course has been updated for 2019.

Course Audience

Practicing appraisers of personal property seeking to refine their skills and expand their practice in loss claims.

Required Readings

New York Standard Fire Policy

National Association of Insurance Commissioners Consumer Guide

California Insurance Code Section 2070-2071 (for those appraising in the state of California)

Agenda

Mid Morning Break (15 minutes)

Lunch (60 minutes)

Afternoon Break (15 minutes)

Learning Outcomes

Upon completion of this course, attendees will be able to:

1. Differentiate among the various types of insurance policies
2. Analyze the role of the professional appraiser of personal property relative to other insurance industry participants
3. Recognize best practices for the loss claims inspection process
4. Review the elements of properly prepared appraisal reports for loss claims
5. Explore issues associated with transit and storage claims
6. Learn ways to handle matters involving suspected fraud
7. Explore issues of restoration, diminution in value and hypothetical conditions
8. Differentiate among definitions of value as related to insurance policies and claims
9. Resolve confusing insurance industry terminology
10. Explore ways in which ethics, advocacy, and professionalism effect the appraisal profession
11. Learn 12 of the most common errors made by appraisers of personal property
12. List 10 reasons your clients should have an appraisal prepared for insurance coverage