Vandalism & Theft
When it comes to theft and vandalism damage claims, there are unique aspects of this peril that require special attention and expertise, although many of the strategies and methodologies used for other types of losses are similar.
Insurance companies will typically ask a number of questions upon receiving notice of a theft or vandalism claim, such as whether the event actually occurred, whether the policyholder actually owned or possessed the items being claimed stolen, and if so, whether proof can be provided. They will also want to know the value of the items being claimed, and whether there was any related property damage.
Approach and Recommendations
In most cases, theft and vandalism events are substantiated and supported by official police reports that document the actual event. These reports are used by insurance companies to verify that an event occurred and also to assist them in future subrogation avenues. It is crucial that a police report be filed in claims involving theft and/or vandalism, and it is important to ensure that the police report accurately lists the items that were stolen. If additional items are discovered later, it is important to update the police report and inform the insurance company that a supplemental report has been filed.
If I have items stolen, how do I prove that I actually owned them?
In many instances, the insurance company will conduct a property inspection and examine the police report as well as obtain a recorded statement from you before making a coverage decision based on the list of stolen property you provide. However, in high-value cases, the company may conduct a more comprehensive investigation, which could involve a sworn statement under oath (EUO) and a request for financial documents to verify the policyholder’s financial standing and ownership ability. In situations where there is no physical evidence of ownership, the policyholder’s credibility becomes crucial. To verify the veracity of a claim, an affidavit may be utilized, in which the policyholder attests to the fact that someone they know can confirm they owned the disputed property. Friends and family can be helpful in this regard, but it’s important to remember that affidavits are legal documents that require the truth to be told under oath. As a result, it may be advisable to seek legal counsel before submitting an affidavit.
If I have to give an oath, do I need an Attorney?
Legally speaking, there is no requirement for you to hire an attorney when facing an Examination Under Oath (EUO). However, we recommend that you carefully consider whether it would be beneficial to have legal representation in such a situation. Depending on the specific facts of your case, it may be wise to consult with an attorney and have them sit with you during the EUO. This is especially true if the issues are complex or if the case involves a significant amount of money. During a EUO, you will be required to give a sworn statement, which is typically conducted by a lawyer who has been hired by your insurance company.
