Insurance + Gofundme

[barry1010]

The purpose of insurance is to put a person who has suffered a loss back to the position he was in before the incident and we know the insurance companies will avoid paying out if they can.
The claimant is not supposed to profit from his claim and you can't make several claims from different companies for the same loss.

My question arises because a shop local to me was broken into overnight - goods were stolen and the shop trashed. Somebody has set up a GoFundMe page to help the shopkeeper specifically because of the break-in.
Let's assume the total value of the insurance claim is £10k and the GoFundMe raises £10k. Could the insurance company refuse to pay out because technically the shopkeeper has not suffered a loss?

[THECORBYLOON]

The two actions are completely separate. and

The shopkeeper has paid premiums to be insured for such a loss and should be paid according to the terms of the policy.

[barry1010]

I agree, Corby - but if a diamond ring is insured for £30k and the premiums reflect that the insurance company won't pay up if they find that even though the claim was genuine (the owner believed it was a £30k diamond) the ring was actually cubic zircona worth £30.

[Peter Pedant]

yes as far as I am concerned the analysis is correct
no loss no claim ( hardly ever happens)

same pricniple if a kind dad pays for a fender bender then there is no claim - obvious thing is - claim for the fender, and Dad says - early christmas prezzie - but THAT was not asked.

I have hardly ever claimed on insurance because
all low claims
I live in bidonville and the first reaction is ' fraudulent claim'

oh and James McFaaaairson ( decd ) who would send the kids in whilst you were at work - if they turned in an insurance cert used ( he had a sense of humour he had) to write to the insurance co and say it was a put up job!

now dead

[THECORBYLOON]

I have no idea what they would do in those circumstances but the owner would have a claim against the person who mis-described the diamond.

[Peter Pedant]

Principle of over insurance ( no excess moolah) is not at issue here. £30k for a zircon is - - - a fraud

I THINK Darius guppy did time for this - champagne charlies friend