Definition Of Umpire Clause In Insurance

Definition of "Umpire clause"

Francoise Pichon, Real Estate Agent Keller Williams Realty

Same as term Arbitration Clause: rovision 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.