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<br />Page 4 of 4 © Insurance Services Office, Inc., 2012 CA 01 26 10 13 <br /> <br /> 5. Loss Condition 1. Appraisal For Physical <br />Damage Loss is replaced by the following: <br /> 1. Appraisal For Physical Damage Loss <br />If you and we disagree on the amount of <br />"loss", either may demand an appraisal of <br />the "loss". In this event, each party will <br />select a competent appraiser. The two <br />appraisers will select a competent and <br />impartial umpire. The appraisers will state <br />separately the actual cash value and <br />amount of "loss". If they fail to agree, they <br />will submit their differences to the umpire. A <br />decision, in writing, agreed to by any two <br />will be binding. Each party will: <br /> a. Pay its chosen appraiser; and <br /> b. Bear the other expenses of the <br />appraisal and umpire equally. <br />If we submit to an appraisal, we will still <br />retain our right to deny the claim. <br /> 6. The following is added to Loss Conditions: <br />Appraisal For Property Damage <br />In the event of an "accident": <br /> 1. If the claimant and we fail to agree as to the <br />difference in fair market value of the motor <br />vehicle immediately before and immediately <br />after the "accident" and the difference in the <br />claimant's and our estimate of the <br />diminution in fair market value of the vehicle <br />is greater than $2,000 or 25% of the fair <br />market retail value of the vehicle prior to the <br />"accident" as determined by the latest <br />edition of the National Automobile Dealers <br />Association Pricing Guide Book or other <br />publications approved by the Commissioner <br />of Insurance, whichever is less; and <br /> 2. Liability for coverage for the claim is not in <br />dispute; <br />then on the written demand of either the <br />claimant or us, each shall select a competent <br />and disinterested appraiser and notify the other <br />of the appraiser selected within 20 days after <br />the demand. <br />Should the appraisers fail to agree, they shall <br />then select a competent and disinterested <br />appraiser to serve as an umpire. If the <br />appraisers cannot agree upon an umpire within <br />15 days, either the claimant or we may request <br />that a magistrate resident in the county where <br />the insured motor vehicle is registered or the <br />county where the "accident" occurred select <br />the umpire. <br />The umpire then shall prepare a report <br />determining the amount of "property damage" <br />and shall file the report with us and the <br />claimant. <br />The claimant or we shall have 15 days from the <br />filing of the report to reject the report and notify <br />the other party of such rejection. If the report is <br />not rejected within 15 days from the filing of the <br />report, the report shall be binding upon both <br />the claimant and us. <br />Each appraiser shall be paid by the party <br />selecting the appraiser, and the expenses of <br />appraisal and umpire shall be paid by the <br />parties equally. <br />If either party elects to have an appraisal to <br />determine the amount of "property damage", <br />then the amount of "property damage" cannot <br />be decided through arbitration. <br /> 7. Paragraph 2. of the Concealment, <br />Misrepresentation Or Fraud General <br />Conditions is amended by the addition of the <br />following: <br />This condition does not apply for coverage up <br />to the minimum limits of liability required by the <br />North Carolina Financial Responsibility Act of <br />1957. <br />DocuSign Envelope ID: 81A61471-345A-47F9-8A2D-36F7929A6637