Arbitration Clause

Definition of "Arbitration clause"

Dirk Harrison
  Florida Regional Realty Corp

Provision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers select a disinterested umpire. When at least two of the three, appraisers and umpire, agree on the settlement amount, it is binding on both the insured and the insurer.

Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ