Stolen Insurance claim return???

Question

I had an instrument stolen from my church. They filed an insurance claim to cover the loss of the instrument. Three years later, the thief brought back the instrument to the church.. Who does the bass belong to now?? Insurance money was issued threee years ago, but now the instrument was returned....

Also, the claim was taken under the church insurance company...

Answer 1

The insurance company has not been repaid by premium. It is not "OK" to keep the item. Whether or not it is enough money for the insurance company to "care about" is irrelevant.

When you made claim for the theft of this instrument, as well as anything else stolen, you (and the church) effectively asked the insurance company to pay you for the value of what was stolen, i.e. what you could have sold for to a reasonable person. Put another way, the insurance company bought the stolen property from you.

When settlement was made, whoever is listed as the insured on the policy (if the policy is in the church's name, then a trustee of the church) signed something that indicated that the insurance company gained "subrogation" rights. This is essentially the insurance company's right to regain what they have paid out which, in thefts, is either to seek restitution from the perpetrator directly, or the salvage of what was paid for. In exchange for your claims settlement check, you assigned this subrogation right to the insurance company, meaning you relinquished your right to the property.

That said, insurance companies don't need musical instruments. Is it theirs? Yes. They would take it and put it into salvage and, periodically, they will hold an auction to sale whatever salvage has been recovered. This instrument may indeed be worth very little but how much is your conscious worth? Sure, people keep this stuff and, being a thing of little value, it is probably not worth the insurer's time to assert its subrogation right here. But you know what is the right thing to do, otherwise you wouldn't ask this question.

Answer 2

Probably it would be a nice gesture to leave it with the Church - since it appears you have received re-imbursement for the theft.

The insurance company has been repaid through higher premiums.

The instrument is 3 years older and may be worth less due to wear & tear.

The thief seems to have learned a lesson or 2 also.

Case closed?

Answer 3

To really do the right thing, you (the church) should inform the insurance company and pay back the claim.

But it probably wasn't enough money for the insurance company to really care about. Legally, paying back the claim would be the right thing to do.

Answer 4

The church's insurer should be advised it has been returned - they have full salvage rights to the instrument now.

The adjuster will probably mark the files, thank you for your honesty, and tell you to keep it.

Answer 5

the correct thing to do is for the church to get in touch with the police dept. and find out what the stature of limitation is. more then likely the insurance company won't want the instrument;if anything they would want the money they put out.;but first thing first find out wath the correct thing to do

Answer 6

God blessed you with the knowledge of getting insurance, ABD perhaps touched a soul with the annointed instrument.

Answer 7

the instrument belongs to the insurance company now
contact them and explain, maybe they will sell it to you

Answer 8

Your insurance paid you for it so contact them and see if they want it or if it is ok to keep it.

Answer 9

three years ago....forget about it.... insurance company did