Before I continue with my experiences, it has recently come to my attention that someone else has posted a good insurance scam story regarding an uncut gemstone called the "Gem of Tanzania" - a huge uncut ruby allegedly owned by a Derbyshire construction firm who have fallen foul of the credit crunch.
Said ruby has been valued at a staggering £11m making it the most expensive uncut ruby in the world. Its value has actually balanced the books of the struggling firm making them solvent to the tune of approximately £6m. But no-one can find it. Save for an empty jar labelled with the words "Gem of Tanzania - do not throw out", there is no sign of it at all. The directors swear blind they have sent it over to the liquidators and the liquidators deny having received it.
But never mind the earth shattering stupidity of all concerned in the loss of such a gem (c'mon, we all suspect skullduggery here), what about this valuation? Bearing in mind that if the stone exists at all, will it really be able to bail out the company? Read here for the real story of how a bad valuation can bring down a bank in these tough times. Also very interesting how Missmarketcrash became a certified gemologist too don't you think? I bet that fills you to the brim with confidence in your insurance valuations ;)
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