How does the appraisal clause work in a Louisiana insurance claim?
Louisiana's standard policy language under La. R.S. 22:691 lets either the insurer or the insured demand appraisal in writing when the amount of loss is disputed, and the mechanism applies to damaged personal property and automobiles as well as structures. Each side appoints its own appraiser, which is where an independent, well-documented valuation becomes your leverage.
Must appraisers in a Louisiana claim dispute be disinterested?
Yes. The appraisal framework requires each party's appraiser to be disinterested, and Louisiana courts have scrutinized financial relationships that could bias a valuation. Choosing an appraiser whose independence will survive that scrutiny protects the award from later challenge.
What valuation approaches does Louisiana law recognize for personal property?
The market, cost, and income approaches, named by statute: La. R.S. 47:2323 directs that fair market value of real and personal property be determined by generally recognized appraisal procedures. We select the approach the asset supports, market comparables for vehicles and collectibles, depreciated cost for specialized equipment, and document why.
Are parish assessment records a good measure of my loss in Louisiana?
No. Business movable property is assessed at just 15% of fair market value for taxation, reporting runs on parish self-reporting forms with spring deadlines, and reappraisal is only required at intervals of up to four years. None of that reflects what specific items were worth on the date of loss, which is the number a claim requires.