Melissa A. Segel. Courtesy photo Jewelry Fraud Is on the Rise
While it is impossible to eliminate all fraud, insurance carriers can make headway into preventing jewelry fraud with some easy steps, whether at the front end when the application is secured, or after a claim is submitted with a more thorough investigation.
October 09, 2024 at 04:31 PM
5 minute read
Commentary
Picture this: A person walks into an agent's office wearing a luxury watch that belongs to a friend, appraisal in hand, and walks out with a personal articles policy after paying a premium of just 1 to 2% of the value of the watch. Three months later, they submit a claim alleging that the watch was lost while swimming in the ocean, or stolen in a robbery or missing after the house was cleaned. With little investment and, unfortunately, very little risk of criminal penalty, this person can quickly make a profit of tens of thousands of dollars or more.
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