Appraisal Review & Rebuttal Reports

Appraisal review is a distinct assignment under USPAP Standards 3 and 4: an existing appraisal or valuation is examined for its methodology, comparable-sales support, standard of value, and conformity with the applicable standards, and an independent opinion of value is provided where the engagement calls for one. The practice does not sign, seal, or adopt another appraiser's work.

Services

What a Review Examines — The report's scope of work and stated assumptions; the standard and definition of value applied; the comparable sales relied upon and whether they are identified, verifiable, and appropriate to the item and the effective date; the reasoning from evidence to conclusion; and conformity with USPAP Standards 7 and 8. Findings are stated item by item.

Rebuttal for Litigation — Where an opposing expert's authentication or valuation is at issue, the review report sets out the points of agreement and disagreement and the basis for each. Deposition and trial testimony on the review proceed through the expert witness practice.

Independent Appraisal Instead of Endorsement — The practice does not sign, seal, or adopt an appraisal prepared by someone else. Where a party needs a value opinion rather than a review, an independent USPAP Standards 7 and 8 appraisal is prepared from the documentation.

For Carriers and Defense Counsel — Review of claimed values against documentation and market evidence as of the date of loss, and of the methodology behind any supporting appraisal. Engagements come from policyholders' counsel and from carriers, and the analysis is identical either way. Fees are never contingent on findings or on the amount of any claim.

For Policyholders' Counsel — Review of a carrier's valuation or an opposing report on the same terms. Engagements come from policyholders' counsel and from carriers, and the analysis is identical either way. Fees are never contingent on findings or on the amount of any claim.

Fees — Quoted by engagement letter; testimony is billed under the expert witness fee schedule. Fees are never contingent on findings or on the amount of any claim.

Frequently Asked Questions

Can you sign or certify an appraisal someone else prepared?

No. An independent appraisal or a USPAP Standards 3 and 4 review is offered instead.

Will you give your own opinion of value or only critique the report?

Either, as set out in the engagement letter.

Do you review the values a claimant has placed on lost items?

Yes. Each claimed value is tested against documentation, comparable sales as of the date of loss, and the standard of value the policy or the court requires.

Is your analysis different when a carrier retains you?

No. Engagements come from policyholders' counsel and from carriers, and the analysis is identical either way. Fees are never contingent on findings or on the amount of any claim.