Does a Michigan bonded title require a professional appraisal?
No. Under MCL 257.217, when the Secretary of State is not satisfied as to ownership of a vehicle worth more than $2,500 or less than ten years old, it may require a surety bond equal to twice the value of the vehicle as determined by the Secretary of State, not by the applicant. An independent appraisal still helps when a vehicle is modified, restored, or otherwise poorly represented by standard pricing guides.
How does the appraisal clause in a Michigan fire policy work?
Either the insured or the insurer can demand appraisal in writing when they cannot agree on the actual cash value or amount of loss. Under MCL 500.2833 each side names a competent, independent appraiser within 20 days of the demand, the two appraisers pick a competent, impartial umpire (or ask the circuit court to pick one if they cannot agree within 15 days), and the appraisers then set the loss item by item. We serve as independent appraisers in those proceedings.
When is the Michigan personal property statement due?
February 20 each year, or the next business day when that falls on a weekend or holiday, under MCL 211.19. The statement reports the personal property the business owned or held on December 31 of the prior year to the local assessor, and an itemized appraisal is the fastest way to support the values it shows.