Question
What is the name of your state? Wisconsin
My aunt lost a ring over 12 years ago. It was insured and the diamond was engraved with a number and registered with some organization. The insurance company gave her replacement value and she got another ring. About 5 years ago she found the ring in a sofa while moving. Does she need to report that it was found and turn in the ring? She wants to give me the ring. Could I take it and have it reset, or is this consider "lost/stolen property". The value is about $6,000.00.
Thank you.
Answer
The appropriate thing to do would be to turn the ring into the insurance company- Since the ring has sentimemtal value and she may prefer to keep it over the replacement the insurance company may take the replacement back. To keep the ring would be insurance fraud.