arbitration clause Definition | Business Dictionaries from AllBusiness.com

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Business Definition for: arbitration clause

arbitration clause

provision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers select a disinterested umpire. When at least two of the three, appraisers and umpire, agree on the settlement amount, it is binding on both the insured and the insurer.

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