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Asked: Nov 05, 2009

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designsbyconway

Insured victim of stolen property. Does the guilty party pay my deductable? Ins co is covering the amt stolen.

Someone stole money from me. I am insured for the amount of money stolen. The guilty party is suppose to pay me the amount stolen. Since I have already received the money stolen through my insurance company. I am receiving the money twice? Or does the guilty party pay the deductable?

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In Money and Finance > Business Insurance
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AndrewM

The guilty party typically is required to pay as restitution. Restitution pay is not enforced by the law, and therefore, is usually not paid.

If you were to get the money, you would need to contact your insurance company and report that. Otherwise, you might be breaking insurance laws. Better to be safe than sorry.

Answered: Nov 05, 2009

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IBOtrainer

Insurance is to bring you back to where you were before the claim took place less your deductible. If your receive both the guilty party funds and the insurance payment you are better then before the theft. Therefore funds you received will need to be returned to the insurance company. I hope your agent or insurance company does not read these questions.

Source: http://www.3331780.com

Answered: Nov 05, 2009

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WritesAtHome

The purpose of insurance is to indemnify, or make you whole, after a loss. You're not allowed to profit from from the loss. If you collect the amount stolen from the thief, you'll have to repay your insurance company or risk being prosectuted or sued by your insurer. Most people can live without that kind of irony. Good luck with your restitution!

Answered: Nov 13, 2009

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