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While business interruption appraisals follow the same general appraisal process as property damage appraisals, the type of evidence and analysis involved can look quite different.
Property appraisals generally focus on physical damage, repair costs, and construction related documentation, such as estimates, contractor bids, and photographs of the damaged property.
Business interruption appraisals, by contrast, focus on financial documentation, including income statements, tax records, and projections of what the business would have earned without the interruption.
The skill set involved can differ as well. Business interruption claims often benefit from financial analysis expertise in addition to the construction and estimating knowledge used in property damage claims.
Despite these differences, the underlying appraisal process, involving two appraisers and, if needed, an umpire working to resolve a disputed dollar amount, remains structurally the same for both types of claims.
This article is provided as general education on the appraisal process. It is not legal advice, and procedures vary by state and by policy. If you have questions about your own claim, review your policy language and talk with the insurance company, agent, or an attorney familiar with your state’s laws.
Russ Lis is an independent property insurance appraiser and umpire in Minnesota who serves clients nationwide. Have a question about your own claim? Contact Appraisal Resolution.
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