True Crime of Insurance Fraud Video 45

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The Phantom Rolls Royce


Read the full article at https://www.linkedin.com/pulse/true-crime-insurance-fraud-video-number-45-barry-zalma-esq-cfe, sSee the full video at https://rumble.com/vz198h-true-crime-of-insurance-fraud-video-number-45.html and at https://youtu.be/vSYv9gT67Do and at https://zalma.com/blog plus more than 4150 posts.


Barry Zalma, Esq., CFE presents videos so you can learn how insurance fraud is perpetrated and what is necessary to deter or defeat insurance fraud.


The Auto Theft Fraud


The insured managed to purchase material damage insurance on a Rolls Royce in a state where the regulation was fully effective even though he never owned a Rolls Royce automobile. His technique was flawless. His planning immaculate. He was only thwarted in his efforts because of the actions of a dedicated and thorough investigator.


To start his plan, the insured went to a Beverly Hills classic automobile dealer and took two Polaroid photographs (slightly out of focus) of a 1946 Rolls Royce. Unlike modern cars, the vehicle identification number was not in the windshield of the Rolls. It was, however, written on the specification sheet provided to him by the dealer.


After counsel had established, with certainly in counsel’s mind, that the insured had sworn falsely, the examination under oath was terminated. Counsel met with the attorney for the insured, privately, and explained that the insured’s claim was in great peril.


The insured had made one serious error: he hired an honest lawyer. His lawyer and counsel for the Classic Car Insurance Company discussed possible resolution of the matter, including the withdrawal of the claim or a mutual rescission of the policy. Counsel for the insured promised to speak with his client and communicate with the insurer.


Fraud Fails but Fraudster Not Punished


Classic Car Insurance Company saved a $100,000 claim. It spent $30,000 investigating the claim and defeating it. It was lucky. No litigation followed. It reported the loss to the state’s Fraud Bureau who now has the insured’s name on record. There has been no prosecution.


No prosecution is anticipated or expected. The Fraud Bureau is simply inundated with fraudulent insurance claims and must limit its prosecutorial efforts to major crimes that exceed $1,000,000 or rings of insurance fraud perpetrators who file multiple claims.


(c) 2022 Barry Zalma & ClaimSchool, Inc.


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Write to Mr. Zalma at [email protected];  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/

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