Jack,
Maybe I missed a chapter or two, but this story is making less and less sense:
if
the car was indeed covered by auto theft insurance, and was indeed stolen, then
the insurance company should either recover the car, or pay the insured for the
loss. Employee theft is in a similar category as "mysterious disappearance";
you'll likely pay extra for an umbrella policy to cover such hazards. Business
insurance isn't meant to cover "big ticket" or unscheduled items like a car, any
more than home owner's or renter's insurance will. A car has a serial number
(even
if it is easily removed like that of an MG.). Cars are covered by separate
automobile insurance, not your basic business insurance. If you considered this
car as inventory, that just so happened to be assembled into a complete car, and
expected it to be covered by your business insurance, it is no wonder your
insurance company won't pay. It sounds like you didn't have comprehensive fire
and
theft insurance on this automobile.
As far as the involvement of police is concerned, they will follow up on your
report, and if they have reason to believe that the ex-employee has stolen
property of yours, they will arrest and prosecute him, because they get paid a
commission from state and federal law enforcement grants for each and every
arrest
that sticks; so do the courts, judges, lawyers etc. The criminal justice system
is
a big, big industry in the good 'ole USA. Now for the but... BUT, what the cops
will not do, is a full scale investigation to find an uninsured vehicle whose
serial numbers can be removed in 20 minutes even by a slowpoke like me. If you
cannot prove ownership of something, the cops can't do anything to help you
recover it.
It is unfortunate that any one of us should lose one of our precious MG's, and I
do hope you get it back, but we all know that if the numbers are changed, and
the
identifying wheels or other accessories are exchanged, then that MG will look
like
any other MG. So, this story should be a lesson to every MG owner: insure them
and
have photos, an appraisal or some other way to verify the value to your
insurance
company.
Jim
MGTD1952@cs.com wrote:
> In a message dated 2/3/01 7:33:40 AM Eastern Standard Time, jack@cocoinc.com
> writes:
>
> > I was also
> > shocked to find out that employee theft is not covered in most insurance
> > policies unless a special employee dishonesty clause is added, this is never
> > mentioned until after the fact.
> >
>
> This is something to talk to you insurance agent about. If he wasn't
> absolutely clear on this when he sold you the business policy, then 1) it may
> be time to get a new agent; and 2) you may have an E&O cause of action
> against him.
>
> Employee Dishonesty (or Fidelity coverage) is not part of any standard
> commercial property policy. This is a known industry standard. It requires
> a separate crime or fidelity policy, or a special endorsement to the fire
> policy. There are some carriers with an enhanced "garage" policy program
> that will automatically include this, but it isn't standard.
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