The valuation provision set out in the policy endorsement applies when the parties cannot agree on the amount of loss or damage. Upon written demand, each party selects a competent and disinterested appraiser and informs the other. The evaluators then choose a competent and disinterested umpire. If the appraisers cannot agree, they submit their differences to the umpire, and any agreement of two of the three determines the amount of the loss. Appraisers are required to itemize each item of loss separately, then total the figures, and each side pays its own appraiser, with appraisal and umpire expenses shared equally.
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