Watch the full video at https://rumble.com/ver011-a-video-true-crime-story-from-barry-zalmas-book-insurance-fraud-costs-every.html and at https://youtu.be/1hrPXRZZ790  A after twelve months tried to get an insurance of over 3,000,000 dollars in jewelry and similar art, a Taiwanese man who was a wanted criminal in his own country convinced two American insurance companies to agree to insure him against the risk of losing the contents of his home.
To get the insurance, he hid from the American insurance companies that he was at the time he bought the insurance:
- an alien a court had ordered deportation; that he was a wanted criminal in his home country;
- that he had left his home country with over $ 60,000,000.00 in unpaid checks;
- that every insurer at Lloyd & # 39 ;s, London had refused to insure him;
- that all his property was valued at more than twice as much as its actual exchange value; and
- that most of the antiques he had insured in dependence on an "assessment" certifying a value of $ 3,500,000 were counterfeits.
His application gave the impression that he was an investor in Beverly Hills with appropriate security concerns. He also made it clear that he was willing to pay a high premium for the protection, a fact that should have caused insurers concern, and asked to accept the risk of losing his property.
Within seven days of the delivery of his policy, a "burglary" was reported. A total of $ 7,000,000.00 of specifically identified and planned personal property was reported stolen. He claimed that an additional $ 2,000,000 in unplanned diamonds was stolen from their hiding place in one of his 50 suit coats that hung in the closet.
The burglars had no problem influencing the burglary because the insured was outside the city. The burglars bypassed, what the insurers were told was a sophisticated central station alarm system, as it was just a local gong alarm that had never been turned on. They defeated the promised Class E safe (one that requires at least 30 minutes to drill out the lock) with a simple wooden drill because the actual safe was nothing more than a locking gun safe built into a closet.
Regardless of available evidence of fraud, insurers against the advice of advisers paid $ 4,000,000 to avoid trial.
It's time for prosecutors to know that the victim is not the giant insurance company but every person who buys insurance.
© 2021 – Barry Zalma
Barry Zalma, Esq., CFE, now limits his practice to acting as an insurance consultant specializing in insurance coverage, insurance claims handling, fraud and insurance fraud almost equally for insurance companies and insurance companies. He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims lawyer and more than 52 years in the insurance industry. He is available at http://www.zalma.com and firstname.lastname@example.org.
Mr. Zalma is the first recipient of the first annual Claims Magazine / ACE Legend Award.
For the past 53 years, Barry Zalma has devoted his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following libraries with books and other materials to enable insurers and their claims staff to become insured.
Go to the podcast Zalma On Insurance at https://anchor.fm/barry-zalma; Follow Zalma on Twitter at https://twitter.com/bzalma ; Go to Barry Zalma videos on Rumble.com at https://rumble.com/c/c-262921; Go to Barry Zalma on YouTube- https://www.youtube.com/channel/UCysiZklEtxZsSF9DfC0Expg; Go to the Insurance Claims Library – https://zalma.com/blog/insurance-claims-library/ Read posts from Barry Zalma at https://parler.com/profile/Zalma/ posts; and Read the last two issues of ZIFL here.