Theft-Vandalism

With respect to the theft/vandalism event, most are substantiated and supported by official police reports which document the actual event. These reports are used by insurance companies to verify an event happened and also to assist them in future subrogation avenues it may pursue. It is absolutely critical that a police report be filed in claims involving theft and/or vandalism. You should make sure the police report and the report of items being claimed is accurate as to the list of items stolen. Should you discover additional items later be sure to update the police report and tell the insurance company you have filed a supplemental police report.

With respect to ownership and value, insurance companies rely heavily on documentation provided by the policyholder to prove ownership and substantiate value. This documentation could take the form of video, pictures, receipts, credit card statements, appraisals, insurance policy endorsements, etc. Try to provide as much documentation as possible to help substantiate the claim for theft with your insurance company.

Most policies contain limits or exclusions for certain scope items related to theft/vandalism claims and, in many cases, certain items must be scheduled in a policy in order for coverage or higher limits to apply. Often this can be accomplished by what is called an inland marine floater insurance policy.