It seems that in an attempt to collect insurance money for a Jacob & Co. watch reportedly worth $1.8 million, mega producer Timbaland is now being accused of running an insurance scam and the insurance company says that it does not owe him any money. In a counter move Timbaland has filed a lawsuit against the insurance company, saying that he paid $50,000 in 2010 to take out the hefty policy to cover the watch.
According to a report from TMZ, Timbaland has filed a lawsuit against American Home Assurance Company, in which he claims that his 2 year old daughter lost the watch which is a one of a kind made by Jacob & Co. The watch reportedly has more 30 carats of diamonds.
In the legal document filed by American Home Assurance Company, the insurance company alleges that they do not owe Timbo a dime and they stated three primary reasons.
- Timbaland allegedly purchased the watch for $900,000.00 and subsequently insured it for twice the purchase price.
- Timbaland initially reported the watch as stolen and four months later changed his story and claimed that his daughter lost it.
- Everyone involved in the investigation told a different story. There was a lot of finger pointing. The wife implicated someone totally different. The assistant implicated the maid, the maid only admitted to sleeping with Timbaland’s brother-in-law and the brother-in-law refuses to cooperate. Not until recently did anyone mention the daughter having anything to do with the ordeal.
This is one that will more than likely have to play itself out in the court system.