When disputes arise regarding the appraisal of property or the amount of loss, how long do parties have to select an impartial appraiser?

In the context of property insurance claims, when disputes arise over the appraisal of property or the amount of loss, North Carolina law stipulates specific timeframes for selecting an impartial appraiser. The correct timeframe is 20 days, which allows both parties sufficient time to agree on a mutually acceptable appraiser to facilitate the appraisal process. This structure is designed to promote timely resolutions of disputes in property insurance claims and to ensure that the appraisal process is effective and fair to both parties.

This timeframe is crucial because it encourages both insurers and insured parties to takes steps promptly in addressing disagreements, thus minimizing delays in claims handling and payouts. By enforcing a clear timeline, the law provides a framework that supports both parties in reaching an agreement, ultimately fostering a smoother resolution to the claims process.