$100 Million Gone in 27 Minutes
After possibly the most expensive jewelry heist in U.S. history, Brink’s went after the victims.
What You Think You Know About Insurance
Declared Value v. Insured Value
When sending high value packages, one is always told that the declared value on the package must (or should) be equal to the value of the items being shipped. You are declaring the value of the package for the full value of the items in order to cover the full value in case of loss.
If the declared value does not cover the full value of the items in the package, and that package is lost, then the shipper is probably only liable for the declared value. In order to be fully covered, you would most likely need additional insurance to cover the balance.
In this specific case, Brinks offered to pay for the loss, by paying the customer the declared value of the package.
The customer would not accept it. And this is where the story gets… complicated.
“Jean Malki was carefully wrapping up a necklace containing more than 25 carats of fancy yellow diamonds, a rare Australian-mined Lightning Ridge black opal, and a deep-magenta Burmese ruby after a long day of sales at the International Gem & Jewelry Show when a bewildering announcement came over the loudspeaker.
“Strange and suspicious individuals have been seen hanging around the expo, the show organizer warned, urging people to leave with extreme caution.”
According to the report, after the package was stolen from the Brinks truck, the customer’s claim was for more than the package’s declared value. Brinks offered to pay the declared value, but not the claimed value.
And here is where the story becomes eye-opening.
DO NOT LET THIS HAPPEN TO YOU!