What is typically required to settle a claim in appraisal practice?

In appraisal practice, draft authority is crucial because it refers to the permission granted to proceed with certain actions regarding claims and appraisals. This may include the authority to draft appraisals, negotiate settlements, or finalize agreements. Without draft authority, an appraiser or claims adjuster may lack the necessary permissions to take decisive actions needed to move a claim toward resolution.

In the context of settling a claim, having the proper authority ensures that the appraiser can represent the interests of the parties and facilitate an effective negotiation process. The ability to draft agreements and settlements is essential for ensuring that all parties involved are adequately informed and protected during the claims process.