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All fire insurance policies and most other property insurance policies provide that disagreements as to the value of the property insured or the amount of the loss shall be determined by “appraisal” under section 128 of the Ontario Insurance Act. The appraisal process is unique in that both the insurer and the insured appoint an appraiser, and the two appraisers must then agree on an umpire. The appraisal process can achieve a fair valuation quickly (often within weeks of the appointment of the umpire) and efficiently (typically with a hearing of one day).
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Section 11 of the Statutory Conditions to the Fire Policy
11. In the event of disagreement as to the value of the property insured, the property saved or the amount of the loss, those questions shall be determined by appraisal as provided under the Insurance Act before there can be any recovery under this contract whether the right to recover on the contract is disputed or not, and independently of all other questions. There shall be no right to an appraisal until a specific demand therefor is made in writing and until after proof of loss has been delivered.
Section 128 (2) and (3) of the Ontario Insurance Act
(1) This section applies to a contract containing a condition, statutory or otherwise, providing for an appraisal to determine specified matters in the event of a disagreement between the insured and the insurer.
(2) The insured and the insurer shall each appoint an appraiser, and the two appraisers so appointed shall appoint an umpire.
(3) The appraisers shall determine the matters in disagreement and, if they fail to agree, they shall submit their differences to the umpire, and the finding in writing of any two determines the matters.