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Author’s Note: The following story is based on fact. It is, however, a work of fiction. The names, places and descriptions have been changed to protect the guilty. Any resemblance to real people is purely coincidental. This story was written for the purpose of providing insurance professionals sufficient information to recognize a certain type of fraud while broadening public awareness and challenging perceptions that can interfere with fair outcomes.   

We begin with the story of an insured who has purchased, for the first time in his life, a policy of personal articles floater Insurance (PAF) scheduling $125,000 worth of ladies’ jewelry. When he first acquired the insurance, he advised the insurance agent that the jewelry was always kept in a class E safe (one that requires at least 30 minutes to drill out the lock) at his residence. The insured claimed to be employed full-time as the owner of a gasoline service station. He also said he had neither suffered a previous (insured) loss, nor had a carrier ever canceled his policy.   

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