Is that true? Or is there a statute of limitations or other clause in the policy?
Example: your car is stolen, and you collect, say, $18,000 and go out and buy a replacement.
Two years later your vehicle is recovered.
Do you really have to then repay the insurance money?
Just read that the insurance company is the owner....they were on loan to the museaum. The person who loaned them was paid $800,000. He originally paid $2,000 for them.
If your stolen car is located after you reached a settlement with the insurance company it is theirs. You give up ownership when you get the check.
Looks like the insurance company would own the car from the little bit of googling I did.
No,
My car was stolen from the auto mechanic’s garage it was at to have the clutch repaired. The garage’s insurance company paid me and I surrendered the title to them. The car was found a few months later. The insurance company called me a offered the vehicle to me. I declined. They stated that they were required to offer it back to me. I was under NO obligation to take it back.
These laws may be different from state to state. In this case I would think the insurance company would actually own the ruby slippers IF they paid the claim for $1 million.
However, they may be required to sell the slippers back to the museum for the insured amount.