Legal Question in Insurance Law in Nevada
Several High denomination poker chips were stolen and homeowners insurance will
My brother recently had several high denomination poker chips stolen during a home break-in. His homeowners insurance refuses to reimburse him for the loss ($25,000.00). Their position is that the chips were ''cash'' and the policy only covers cash losses to a maximum of $500.00. He feels that the chips were not ''cash'' as they could not be spent anywhere, and could only be redeemed for cash at the casino where they were purchased. My brother does not think he will be successful in appealing the insurers decision on his own.
Would legal representation help him collect on this loss?
2 Answers from Attorneys
Re: Several High denomination poker chips were stolen and homeowners insurance w
He should probably consult with an insurance attorney. If not specifically included as cash the insurance company cannot arbitrarily declare chips cash. However, proof of loss is difficult with chips.
Re: Several High denomination poker chips were stolen and homeowners insurance w
Should hire an attorney to determine if chips can be considered non-cash.
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