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Insurance Fraud

What is fraud?

Fraud is a deliberate attempt to mislead and or deceive for personal gain.

Some examples of Insurance Fraud are:

Arson: Deliberately setting fire to property to obtain insurance funds.
Misrepresentation: Lying about the use and or ownership of a car when placing insurance coverage.
Exaggeration: After a loss, a claim is made for a Rolex watch instead of a Timex.
Padding: Inflating a claim for items not stolen or destroyed. Example: After a fire or burglary, five suits are claimed for instead of two.

Cost of Insurance Fraud

It is estimated that insurance fraud exceeds $1.3 billion annually. This costs every policyholder ten to fifteen cents of each premium dollar paid. Traditionally, this has been viewed as a victimless crime perpetrated against large, faceless corporations. Consumers are now more sophisticated in recognizing that we are all victims, due largely to efforts by such organizations as the Canadian Coalition Against Insurance Fraud.

At Peace Hills Insurance, we believe in combatting fraud so our honest policyholders do not bear the financial burden of insurance fraud. Highly trained ex-policemen staff our Special Investigation Unit (SIU). They investigate all allegations of fraud, attempted fraud and regularly review theft and fire losses.

Combating Fraud

Concerned individuals who report these crimes to us uncover many frauds. There are several ways you can do this and you can choose to remain anonymous.

Crime Stoppers: Contact Crime Stoppers at 1-800-222-TIPS (8477) or 1-877-IBC-TIPS (1-877-422-8477) and you may be eligible for a reward.
Insurance Bureau of Canada - Investigative Services Division (IBC): Every major centre across Canada has an IBC office. Contact your nearest centre to make your report.
Insurance Company: If you happen to know the broker or insurance company of the person committing the fraud you can contact them directly.  To report a fraudulent claim to our office, e-mail us at phi@peacehillsinsurance.com.

Why should you get involved? To quote the Canadian Coalition Against Insurance Fraud;

'THEY CHEAT YOU PAY!'

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