Glossary

ACV (Actual Cash Value) — Replacement cost minus depreciation. What the property was worth at the moment of loss.

RCV (Replacement Cost Value) — What it costs today to replace the damaged property with like kind and quality.

Appraisal Clause — Policy provision allowing each party to pick an appraiser and a neutral umpire to resolve disputes about the amount of loss.

Umpire — A neutral third party selected by the two appraisers (or appointed by a court) who breaks ties.

Scope of Loss — The detailed list of damaged items and the work needed to repair or replace them.

Xactimate / Symbility — Industry-standard estimating software used by carriers and contractors.

Public Adjuster — A licensed advocate who represents the policyholder during the claim, separate from the appraisal process.

Mitigation — Emergency steps taken to prevent further damage (tarping, water extraction, board-up).

Subrogation — The carrier's right to recover payment from a third party responsible for the loss.

Award — The binding written decision signed by any two of the three appraisal-panel members.