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The Largest Residential Burglary of All Time\\n\\n This is a Fictionalized True Crime Stories of Insurance Fraud from \\nan Expert who explains why Insurance Fraud is a \\u201cHeads I Win, Tails You \\nLose\\u201d situation for Insurers. The story is designed to help Everyone to \\nUnderstand How Insurance Fraud in America is Costing Those who Buy \\nInsurance Thousands of Dollars Every year and Why Insurance Fraud is \\nSafer and More Profitable for the \\xad\\xad\\xadPerpetrators than any Other Crime. \\nTo obtain the insurance he concealed from the American insurers that he \\nwas, at the time he purchased the insurance: an alien a court had \\nordered deported; that in his home country he was a wanted criminal; \\nthat he had left his home country with over $60,000,000.00 in checks \\nunpaid; that every insurer at Lloyd\\u2019s, London had refused to insure \\nhim; that all of his property was appraised for more than twice its \\nactual retail replacement value; and that most of the antiques he \\nhad insured in reliance on an \\u201cappraisal\\u201d attesting to a $3,500,000 \\nvalue, were fakes.\\n\\nWithin seven days of the delivery of his policy, a \\u201cburglary\\u201d was \\nreported. A total of $7,000,000.00 of specifically identified and \\nscheduled personal property was reported stolen. He claimed an \\nadditional $2,000,000 in unscheduled diamonds were stolen from their \\nhiding place in one of his 50 suit coats hanging in his master bedroom \\ncloset.\\n\\nThe insurers refused to pay because they believed the insured made \\nmaterial misrepresentations and he concealed material facts in the \\npurchase of the insurance.\\n\\nThe Insured retained a prestigious plaintiff\\u2019s bad faith lawyer to \\nrepresent his interests. Because of the reputation of counsel for the \\nInsured and the fear of an extra-contractual judgment, the insurers \\n(against the advice of three different defense firms) settled for more \\nthan $4,000,000.00 of the $7,000,000.00 claim. The Insured\\u2019s lawyer took\\n a contingent fee of 50%, the insured\\u2019s creditors took 20%, and the \\nInsured took what remained. Because the IRS was unable to assert its \\nmulti-million-dollar lien in time, it got nothing.\\n\\nAfter a trip to China to take an examination under oath of the insured\\u2019s\\n sister \\u2013 who was also named as an insured \\u2013 and two years of discovery,\\n counsel for the insurers moved the court for summary judgment \\nconfirming rescission of the policy. The evidence available of multiple \\nmisrepresentations and the concealment of material facts, rescission was\\n warranted and counsel was confident the court would agree.\\n\\nThe day before the insurers\\u2019 counsel were to appear for oral argument on\\n the motion for summary judgment the insurers and the insured\\u2019s lawyer \\nsettled the suit without communicating with defense counsel and against \\nthe recommendations of defense counsel.\\n\\nTo recover the money lost by paying the Insured the insurers could only \\npass the payment on to other, honest, insureds and the reinsurers.\\n\\nOnce an insurer gets a reputation for paying for fraudulent claims \\nrather than fighting with all of its assets those who perpetrate \\nfraudulent claims will gather like vultures over a rotting carcass ready\\n to pick the bones clean. The reverse is also true: when an insurer \\nmakes it clear it will never pay a fraudulent claim, regardless of cost,\\n those who earn their living by fraud will stay away.\\n\\nIt is time that prosecutors learn that the victim is not the giant \\ninsurance company but each and every person who buys insurance.\\n\\n(c) 2023 Barry Zalma & ClaimSchool, Inc.\\n\\nPlease tell your friends and colleagues about this blog and the videos \\nand let them subscribe to the blog and the videos.\\n\\nSubscribe to my substack at \\nhttps://barryzalma.substack.com/publish/post/107007808\\n\\nGo to Newsbreak.com https://www.newsbreak.com/@c/1653419?s=01\\n\\n Go to the Insurance Claims Library \\u2013 \\nhttp://zalma.com/blog/insurance-claims-library.