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What would happen if I lost my watch and found it again after getting it replaced through insurance?

ninman
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Title basically says it all. Imagine a scenario where I lose my watch (Omega Speedmaster), then put a claim through my insurance, and sometime after getting a replacement watch, the old one is found again, either by me or someone else, or potentially just handed into the police. What would happen? Would I get to keep both watches, or would one of them have to be returned to Omega?

Just to clarify, I'm also not asking this because I intend to commit any sort of fraud, or asking how I could commit fraud. This is purely asking about a potential genuine scenario.

Another similar scenario might be that my watch gets stolen, the insurance company replaces it, and then the stolen one is found by the police again. What would happen to the lost, then found again, watch?
 
YY77
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I would say that it's now the insurance company' property in both scenarios, Omega has nothing to do with scenario 1.
Edited:
 
Spruce
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You advise the insurance company. They will probably want you to refund all or part of the payout. You should read the small print.

To do nothing and hope to keep both watches would trouble my conscience - and probably yours.
 
JimInOz
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ninman ninman
.............. What would happen to the lost, then found again, watch?

It would become the property of the insurance company.

And if the insurance company ever found out that you (just hypothetically) "just happened to find it again" and didn't notify them, I imagine that you would need very good lawyers.
 
Spruce
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Sorry, don’t mean to sound pompous or sanctimonious but - if you ask a lawyer ….
 
ninman
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Spruce Spruce
You advise the insurance company. They will probably want you to refund all or part of the payout. You should read the small print.

To do nothing and hope to keep both watches would trouble my conscience - and probably yours.

I didn't say I would do nothing. I meant, what would happen after I told the insurance company I found it, or it had been found.
 
Spruce
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ninman ninman
I didn't say I would do nothing. I meant, what would happen after I told the insurance company I found it, or it had been found.

Well, unless it’s specified in your insurance policy, see what they suggest.
 
Gav1967
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This situation happens all the time especially car insurance.
Car gets stolen, insurance pays out, sometime in future car turns up somewhere (maybe as part of a crime).

In short, as others have said, the insurance company has paid for it and the car is therefore their property to do with as they see fit.
 
STANDY
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You would find out when you told the insurance company. Because it would be in your policy somewhere 😗
 
Larry S
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Read your policy.
 
bananapeanut
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If you used the insurance money to purchase another watch, which is what they would have expected you to do, don't worry, they can't ask you to refund them (but would most likely accept that option if you wanted to). However, as others have said, the lost/stolen watch belongs to them and you must do what they tell you to do with it.
 
Dan S
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ninman ninman
Imagine a scenario...

What you are contemplating is commonplace insurance fraud.
 
Evitzee
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Usually the insured property is owned by the insurance company in the event of recovery. But maybe the insurance company would settle for the replacement watch to be returned, things can often be negotiated. Call your insurance agent, or whoever handled your claim, to find out how to proceed. This happens from time to time, there are procedures that the industry uses. In any event the insurance company loses money on the claim as they get a used watch back which they will liquidate for less than they paid for it, it is just the cost of doing business and another factor that goes into the premium calculation we all complain about.

One thing is clear, you can't legally keep both watches. And it's quite possible the company may drop you as a client, they don't like paying claims in the first place. Rescinding a claim is a hassle they don't need.
Edited:
 
X350 XJR
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JimInOz JimInOz
It would become the property of the insurance company.

And if the insurance company ever found out that you (just hypothetically) "just happened to find it again" and didn't notify them, I imagine that you would need very good lawyers.

...and a new insurance company!
 
Nobel Prize
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And what would happen if you lost the watch, got an insurance replacement, then find it, returned it to the insurance...and then lost the new one again?

Oh, the irony!!
 
bananapeanut
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Nobel Prize Nobel Prize
And what would happen if you lost the watch, got an insurance replacement, then find it, returned it to the insurance...and then lost the new one again?

Different watch, different claim.
 
Evitzee
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bananapeanut bananapeanut
Different watch, different claim.
And at that point you'd be looking for a new insurance company, and much higher premiums with your new company.
 
calalum
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I was in an analogous situation. My car was stolen and after 30 days the insurance company settled the loss by paying me the value of the car. I went out and bought a new car. A couple weeks later, the police called me and said they had found my car. I told him it was not my car anymore and to contact the insurance company.
 
SC1
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Just spitballing...

if I started a meth lab, made mad cheddar yo, and didn't get caught would it be legal?

Yo.
 
Spruce
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SC1 SC1
Just spitballing...

if I started a meth lab, made mad cheddar yo, and didn't get caught would it be legal?

Yo.

😁😁😁
 
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