If the insured and insurer cannot agree on the amount of loss, either may demand an appraisal. If demanded, each will select an appraiser, who jointly will select an umpire. The appraisers will appraise the loss and either agree or submit differences to the umpire. Agreement by any two of the three will be binding. Each party will pay its own appraiser and share equally the expenses of the appraisal and the umpire.