PP440-OOO - Insurance, Appraisers and the Law
Category: Personal Property
Continuing Education: 16.8
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)
No prerequisites for this course.
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:
- Differentiate among the various types of insurance policies
- Analyze the role of the professional appraiser of personal property relative to other insurance industry participants
- Recognize best practices for the loss claims inspection process
- Review the elements of properly prepared appraisal reports for loss claims
- Explore issues associated with transit and storage claims
- Learn ways to handle matters involving suspected fraud
- Explore issues of restoration, diminution in value and hypothetical conditions
- Differentiate among definitions of value as related to insurance policies and claims
- Resolve confusing insurance industry terminology
- Explore ways in which ethics, advocacy, and professionalism effect the appraisal profession
- Learn 12 of the most common errors made by appraisers of personal property
- List 10 reasons your clients should have an appraisal prepared for insurance coverage