Lost item returned after insurance claim

AlisonHarrison

If an item is lost and an insurance claim is made, what happens if the item turns up because it had been safeguarded like with jewellery.
I know it becomes the property of the insurance company once the claim has been paid, but would the insurance company insist upon the item being repurchased by the policy holder for the amount that was paid out?

tasticz

IMO

they wont insist just ring them and tell them the situation

its their property they will sell it destroy it whatever they please with it

or you can pay them X amount for it but its up to them

InsideInsurance

It would in part depend on if you had cash or a replacement item as the settlement.

You generally would have the choice of returning the item to them or repaying their outlay. Only if the claim was still in progress would they normally insist on you retaining the item.

Insurers normally either sell the items to staff or have a partner that auctions the items. If you made enquiries you may even be able to give it up and then buy it back for less than the settlement. A friend bought a diamond which had originally been part of a pair of earrings where the PH had lost the other one. Got it for a damned good price and had it reset into a ring for his g/friend.