The purpose of Wisconsin’s interest statute applied to insurance claims is found in its name: “Timely Payment of Claims”.
Insured Minnesota property owners who take their disputed insurance claim to appraisal can recover interest on the award. Appraisal is an out-of-court dispute resolution process comparable to arbitration. In Minnesota, it is the forum to decide the amount and cause of...
Insurance companies can be stubborn and refuse to appraise the scope of a loss.
Insured property owners may be entitled to interest on appraisal awards.
It is important to understand the principle behind the duty to mitigate and its scope when facing an insured loss.
Often the reason why these coverages are thought of separately is that they come with separate policy limits.
Judges are loath to overturn an appraisal award based on the merits of the decision.
Policyholders owe it to themselves to actually read their own policy and determine the extent of Ordinance and Law coverage.
Following is a summary of important terms property owners should know during the claims process.
A good contractor knows these limits, and trains its sales force to honor the limitations.