Under a standard appraisal clause, how many parties are involved in determining the value of a loss?

In determining the value of a loss under a standard appraisal clause, three parties are involved. Typically, this process includes the policyholder (the insured), the insurance company (the insurer), and an impartial third-party appraiser.

When a disagreement arises between the insured and the insurer regarding the value of the loss, either party can invoke the appraisal process. Each party selects its own appraiser and those two appraisers work together to resolve the differences. If the appraisers cannot agree on a value, they will then engage a third appraiser, often referred to as an umpire, to make the final decision. This three-party system ensures that there is a balance between both the insurer's and the insured's interests and promotes a fair resolution to disputes regarding the loss valuation.

Thus, the involvement of the insured, the insurer, and the impartial appraiser confirms that three parties are integral to this process, making it the correct answer.