Lost but now found.....

The_Fox_Hat

A conundrum for you, about 8 years ago, while on my mates boat, I lost an expensive wrist watch, I believed, overboard. On my return home I made a claim on my insurance and the watch was replaced. All Ok.
Forward 8 years......
I received a phone call a few days back from my mate, who informs me that he believes that the watch has been recovered on removal of the on-board engines in his boat.
So, the question is, who has ownership of the watch, me or the insurance company? The reason I query ownership is, that I believe that after 7 years any debt/ownership is null and void, is this correct and can I claim ownership???
Your help greatly appreciated.

jonesMUFCforever

How much are we talking about here?
Personally I think it belongs to the insurance company BUT how will they know if you don't tell them?

whitewing

I would think if the insurance co doesn't own it then your mate does.

Looksguywalker

The_Fox_Hat wrote: »

A conundrum for you, about 8 years ago, while on my mates boat, I lost an expensive wrist watch, I believed, overboard. On my return home I made a claim on my insurance and the watch was replaced. All Ok.
Forward 8 years......
I received a phone call a few days back from my mate, who informs me that he believes that the watch has been recovered on removal of the on-board engines in his boat.
So, the question is, who has ownership of the watch, me or the insurance company? The reason I query ownership is, that I believe that after 7 years any debt/ownership is null and void, is this correct and can I claim ownership???
Your help greatly appreciated.

The Insurance Company own the watch. They paid out for your loss which you accepted. What makes you believe you can claim ownership after 7 years? Can I/anyone claim ownership?

Annisele

Tell the insurance company and let them decide. Sometimes they'll let you keep stuff (they did for me after the police recovered my burgled garden equipment), but I suspect that depends very much on the value of the item.

Plus, when you made the claim you likely had to promise the insurance company you'd tell them if you found the watch.

bouncydog1

The watch belongs to insurers as you were indemnified under the policy for the loss ie reimbursed so you could buy a replacement. Contact them and advise the watch has been found and see what they want to do. They may just tell you to keep it or they may ask you to reimburse what they paid out.



There will be a policy condition about loss mitigation and I suspect that this scenario will fall under there (happy to be corrected by the claims experts)!

dacouch

bouncydog1 wrote: »

The watch belongs to insurers as you were indemnified under the policy for the loss ie reimbursed so you could buy a replacement. Contact them and advise the watch has been found and see what they want to do. They may just tell you to keep it or they may ask you to reimburse what they paid out.

The Insurers normally won't want the hassle of arranging collection, storage and then selling the watch. They will normally offer a very low price for the OP to keep the watch which means it saves them the hassle.

McKneff

Dont forget, also, that over the years after you lost the watch, you may have paid more on the premiums after a claim.

opinions4u

jonesMUFCforever wrote: »

How much are we talking about here?
Personally I think it belongs to the insurance company BUT how will they know if you don't tell them?

While I would usually point out the impacts of dishonesty to others, I'm not sure that life's moral maze would have me ringing the insurance company in the same circumstances.

geri1965_2

As others have pointed out, technically it is now the property of the insurer, although I doubt they would be too bothered about getting it back and they would probably let you have it for a nominal amount or even tell you to keep it.

I would personally struggle to remember who I was insured with 8 years ago.

They may not even have a file now, we get rid of property claim files after 6 years.

hugoshavez

Depending on the type of watch, the decision may well be taken away from you as soon as you try to arrange a service or repair...