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APPRAISAL The New York Standard Fire Policy was first introduced in 1886. It became widely recognized and operative in its standardized form on May 1, 1887. The policy was later revised, with a significant update in 1943, but the original publication traces back to this late 19th-century timeframe. The New York Standard Fire Policy included a provision that allowed easy and prompt resolution of disputes over the extent of loss by fire that was called ""Appraisal."" In case the insured and this Company shall fail to agree as to the actual cash value or the amount of loss, then, on the written demand of either, each shall select a competent and disinterested appraiser and notify the other of the appraiser selected within twenty days of such demand. The appraisers shall first select a competent and disinterested umpire; and failing for fifteen days to agree upon such umpire, then, on request of the insured or this Company, such umpire shall be selected by a judge of a court of record in the state in which the property covered is located. The appraisers shall then appraise the loss, stating separately actual cash value and loss to each item; and, failing to agree, shall submit their differences, only, to the umpire. An award in writing, so itemized, of any two when filed with this Company shall determine the amount of actual cash value and loss. Each appraiser shall be paid by the party selecting him and the expenses of appraisal and umpire shall be paid by the parties equally. [New York Insurance Law § 3404(e)]

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