"Jewelry Fraud Is on the Rise"
Swift Currie attorney Melissa Segel discusses how, “Jewelry Fraud Is on the Rise,” in her article published by the Daily Report.
Segel sets the scene for readers by describing a scenario in which an individual is commits jewelry fraud by securing insurance a piece that does not belong to them and then submitting a claim that it has been lost.
She explains that stand-alone jewelry and personal article policies are typically the ones fraudsters will utilize, as they typically have low premiums.
The role of special investigative units within insurance companies is essential, as they are often the ones who identify instances of fraud. “Certainly, it is a red flag if only the insured jewelry is stolen or missing, while the uninsured jewelry is left behind. Losses under new policies should be scrutinized,” she explains.
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 that utilizes all of the tools and defenses provided by the policy,” Segel advises.
To view the full article, Daily Report subscribers may click here.
