True Crime of Insurance Fraud Video 62

0
3K

The Car Collector


Read the full article at https://lnkd.in/gvsU69E2 and see the full video at https://lnkd.in/gsH9uT-S and at https://lnkd.in/g-JC528d and at https://zalma.com/blog plus more than 4200 posts.


The Desire for an Antique Vehicle


Albert Reiche had a passion for old cars. Since the trust fund set up by his maternal grandparents provided him income of $3,000,000 a year, Albert never took a job.


He began to collect cars when he turned twenty-one in 1960. He started with a 1924 Model A Ford. As the years passed, he purchased and restored for his collection an Auburn, two Duesenberg J’s, a 1928 Cadillac touring car, a 1918 Dailmer, a Willy’s J, a 1934 Packard limousine, a 1924 Bentley, and many other classic automobiles. He kept his cars in a climate-controlled warehouse.


By the time Albert turned fifty, he was the proud owner of seventy-five classic automobiles. Albert had restored all of the automobiles to a pristine, new car showroom, condition. To Albert they were priceless. Albert would never consider selling. Estimates by car buffs had valued his collection at $90,000,000 to $125,000,000. He insured the collection with a gaggle of British insurance companies with a limit of $80,000,000.


Albert, had to have the Dailmer.


Albert bought the Dailmer, which is now the pride of his collection. Since Albert was never a criminal, as the years passed and the income from his trust funds allowed, he would move one vehicle at a time from the Connecticut farm and deposit them on the streets in various communities throughout the Northeast. The police would eventually be called, trace the vehicle back to Albert, who would gladly retake possession. Since Albert had transferred title to the vehicles to his insurers upon the payment of the claim, Albert paid the insurer back the exact sum the insurer had paid him for the vehicle. Eventually, Albert recovered all of the cars he reported stolen. The insurer received back all the monies they paid.


Albert lived happily ever after.


ZALMA OPINION


Insurance is not a bucket of money for whatever the insured desires. It is a promise to indemnify another against the risk of loss of property from a contingent or unknown event, not a means to fund the purchase of an antique automobile.


(c) 2022 Barry Zalma & ClaimSchool, Inc.


Barry Zalma, Esq., CFE, is available at http://www.zalma.com and [email protected].


Subscribe to Zalma on Insurance at locals.com https://lnkd.in/gn5WAi6C.


Subscribe to Excellence in Claims Handling at https://lnkd.in/gNm9EWKJ.


Write to Mr. Zalma at [email protected]; http://www.zalma.com; http://zalma.com/blog; daily articles are published at https://zalma.substack.com. Go to the podcast Zalma On Insurance at https://lnkd.in/gxA7YGe; Follow Mr. Zalma on Twitter at https://twitter.com/bzalma; Go to Barry Zalma videos at Rumble.com at https://lnkd.in/gV9QJYH; Go to Barry Zalma on YouTube- https://lnkd.in/g2hGv88; Go to the Insurance Claims Library – https://lnkd.in/gKCTg53

Sponsor

We are 100% funded for October.

Thanks to everyone who helped out. 🥰

Xephula monthly operating expenses for 2024 - Server: $143/month - Backup Software: $6/month - Object Storage: $6/month - SMTP Service: $10/month - Stripe Processing Fees: ~$10/month - Total: $175/month

Xephula Funding Meter

Please Donate Here

Zoeken
Categorieën
Read More
True Crime
The Contractor
The Contractor   Read the full article at https://lnkd.in/gkUPcQCM, see the...
By Barry Zalma 2024-03-14 12:57:06 0 2K
Other
Excellence in Claims Handling Videos only on Locals.com
Insurance Videos to Help Provide Excellence in Claims Handling: Only on LocalsRead the full...
By Barry Zalma 2022-06-27 14:27:01 0 4K
Other
Eleventh Amendment Bars Suit Against State Entity
There is no Right to Sue a State Entity in Federal Court Read the full article at...
By Barry Zalma 2021-02-12 13:19:12 0 4K
Politics
The covid Plandemic issues are only beginning....
I am not big on long stories that cover much of what I, along with others, have deduced already....
By Scarecrow III 2020-10-07 14:20:25 0 4K
Other
It Doesn't Pay to Lie to Your Insurance Company
False Answers to Material Insurance Application Questions Requires Rescission Read the full...
By Barry Zalma 2020-12-28 13:40:51 0 3K