Judge Finds Appraisal Clause Binds Insured From Litigating Dispute Over Money

Mealey's (November 10, 2016, 8:11 AM EST) -- CHICAGO — An appraisal clause’s use of the word, “binding” made clear to an insured that by participating in the appraisal process, it foreclosed its opportunity to litigate the amount an insurer owed it for damage to a building covered by the insurance policy, an Illinois federal judge ruled Nov. 7, dismissing a breach of contract claim (70th Court Condo Association v. Ohio Security Insurance Co. and Donan Engineering Co. Inc., No. 16-07723, N.D. Ill.; 2016 U.S. Dist. LEXIS 153959).

(Memorandum opinion and order available.  Document...
To view the full article, register now.