Conducting Appraisal to resolve disputes in insurance claims engages the public trust. Appraisers and Umpires shall put the duty for fair and honest conduct of the Appraisal Process above the Appraiser’s or Umpire’s own interests in every instance. The following standards of conduct define the ethical behavior, and shall constitute a code of ethics that shall be binding on all members of the Insurance Appraisal and Umpire Association:
I. Members of the Insurance Appraisal and Umpire Association shall not engage in practices which may discredit the IAUA or the Appraisal process as a fair, expedient and cost effective Alternate Dispute Resolution method.
II. Appraisers and Umpires shall conduct themselves with the highest of ethical standards in their dealings with policyholders, the insurance companies, the public, Appraisers, Umpires, claim professionals, and experts.
III. Appraisers and Umpires shall remain current on the laws and regulations affecting their professional responsibilities by attending such classes, seminars and training as necessary.
IV. An Appraiser or Umpire shall not undertake any Appraisal concerning matters with which they are not currently competent and knowledgeable, or which otherwise exceeds their current expertise; Appraisers and Umpires must be competent for the particular matter.
V. Appraisers and Umpires shall conduct themselves in such a manner as to command respect and confidence and shall approach Appraisals with an unprejudiced and open mind, while advocating for their client as legally appropriate.
VI. Appraisers and Umpires shall not injure the reputation or professional practice of colleagues.
VII. Appraisers and Umpires shall not approach Appraisals in a manner prejudicial to the policyholder or insurance company.
VIII. Appraisers and Umpires shall handle every Appraisal with honesty and integrity, and allow a fair Appraisal to all parties without any compensation or remuneration to himself or herself except that to which he or she is legally entitled.
IX. Appraisers and Umpires, upon undertaking an Appraisal, shall act with dispatch and due diligence in achieving a proper disposition of the Appraisal.