On July 18, First Church invoked the provision in our insurance policy for resolving disputes with our insurers as to the value of losses. We notified the insurers that we want an independent “appraisal panel” to determine the value of the church’s loss from the fire of September 2016 – including the cost to restore Pilgrim Hall.
The appraisal panel comprises three members. The church and the insurers each appoint one member; those two individuals then select the third member, known as the “umpire.” The panel will consider information provided by the church and the insurers and will meet with representatives of both parties. The panel will then determine the value of the loss. At least two panel members must agree on the value; their decision is binding.
We identified our appointee to the appraisal panel on July 18, but the insurers did not appoint their panelist until August 20. These two members have not yet selected the umpire. Assuming that the full appraisal panel is in place shortly, we anticipate the panel will issue their decision in late October or early November. Soon thereafter, the church should receive payment from the insurers for the difference between what they have already paid us (for undisputed loss amounts) and the total value of the loss as determined by the appraisal panel.