Many home insurance policies provide coverage for jewelry, in addition to other valuables. Depending on the value of your jewelry, you may wish to buy additional insurance coverage to pay for the items. When you have jewelry worth thousands, having coverage is a great idea in order to protect your investment. It’s important to have insurance policies on your jewelry, since in the event of a theft you can get your money back.
However, in some cases – insurance providers may state that the claim made on the jewelry is fraudulent.If you’re accused of making a fraudulent claim, you could face criminal penalties. The National Insurance Crime Bureau works with local law enforcement in order to identify and investigate suspicious claims. If police are investigating you, there’s a good chance you’ll be brought up on charges. It may be smart to hire a lawyer at this stage to help protect you. Spodek Law Group, PC, has helped many clients in all types of insurance fraud scams. Our New York criminal lawyers fight for you, and your rights. Our goal is to help get all charges dismissed against you.
Jewelry fraud occurs in the form of staging a fake theft, of watches, rings, necklaces, and other items covered by an insurance policy. People involved in the scheme, claim someone broke into their house and took valuables. In some cases, the person may lie about jewelry being stolen – yet it never existed/they never owned it. The jewelry in other cases, may be kept hidden until the claim is paid – and then it’s pawned, or sold.
There are many penalties. New York Law makes it a felony, under penal code 176, when more than $1000 is at risk. Making false claims under $1,000 is a misdemeanor. There are 5 degrees of insurance fraud under New York law. The penalties become progressively more serious and worse, when higher dollar amounts are in question. In addition, you need to file a police report to start the insurance claim. However, according to NY Penal Code 240, making a false police report is a crime. That means you could be charged with multiple crimes, if investigated of jewelry fraud.
Under NY law, it doesn’t matter if the insurance fraud is successful or not. If you attempt to improperly obtain money, by making false claims – you can be convicted of jewelry insurance fraud. Anyone whose involved in the scheme, can also be charged with a criminal act in the scam.
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