Stolen Watches

On January 4, 2023, Member Company SIU contacted NICB Special Agent requesting assistance with a suspicious claim investigation. The Insured claimed he purchased 4 Rolex watches during his visit to the country of Lebanon valued at approximately $400,000.00. He then insured 2 of the watches with another member company and the other 2 with the primary member company. While still on vacation in Lebanon, he alleges he was robbed at gun point and the culprits stole the 4 insured Rolex watches and fled. The information helped establish the necessary information needed for both member companies to make the appropriate claim resolution and decisions. The investigation indicated the insured may have provided false and or fraudulent details reference the claims made to both insurance companies. Both insurance companies denied the claim made by the insured and the claims were not paid out.