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The Real Cost of Fraud & the Largest Residential Burglary of All  Time  

https://zalma.com/blog

After twelve months trying to get insurance on over $3,000,000 in  jewelry and a like amount of fine arts, a Taiwanese man who was a wanted  criminal in his own country convinced two American insurers to agree to  insure him against the risk of loss to the contents of his home.  To obtain the insurance he concealed from the American insurers that he  was, at the time he purchased the insurance:  an alien a court had ordered deported; that in his home country he was a  wanted criminal; that he had left his home country with over $60,000,000.00 in checks  unpaid; that every insurer at Lloyd\\u2019s, London had refused to insure him; that all of his property was appraised for more than twice its actual  retail replacement value; and that most of the antiques he had insured in reliance on an \\u201cappraisal\\u201d  attesting to a $3,500,000 value, were fakes.  His application gave the impression that he was a Beverly Hills investor  with appropriate concerns for security. He also made it clear that he  was willing to pay a high premium for the protection, a fact that should  have raised the concern of the underwriters asked to accept the risk of  loss of his property.  Within seven days of the delivery of his policy, a \\u201cburglary\\u201d was  reported. A total of $7,000,000.00 of specifically identified and  scheduled personal property was reported stolen. He claimed an  additional $2,000,000 in unscheduled diamonds were stolen from their  hiding place in one of his 50 suit coats hanging in the closet.