Many readers believe that this is another marginal story that concerns only the upper class. Those who belong to the circle of customers of the secure courier company Brinks. That is, no.
The victims of this story are actually middle-class families, who were unable to pay the full insurance premium and sought to save. Some were left destitute.
This is not another scenario imagined by one writer or another, but a real case that took place a week ago in Frazier Park, north of Los Angeles, California. An armored truck from the secure courier company Brinks was robbed with contents worth millions of dollars.
How many millions of dollars? Depends on who you are asking. While Brinks claims a value of $ 10 million, customers insist the value is estimated at no less than $ 100 million. Gap of 90%. This is because of the insurance premium.
Completing income from luxury shows:
Inflation that has soared in the past year in the United States is twice as high as what we know here in Israel.
A group of “ordinary” middle-class families banded together as a group and initiated an jewelry and diamond exhibition. The group sought to produce a lucrative return on the jewelry and diamonds they have accumulated over the years, by presenting them in an exhibition designed for the upper class and admission to it is for a respectable fee. Some of the jewelry was even sold at the show.
The field of luxury exhibitions is quite common in the land of dreams. Hundreds of exhibitions and conferences are held each year in Los Angeles showcasing valuable items. Some of them generate additional income for the jewelry owners, and in other cases these are people whose source of livelihood is this – displaying valuable items for a fee.
The show took place last Sunday, July 10, in San Mateo, San Francisco, and was a resounding success. The owners of the jewelry and stones wanted to earn more and ordered an armored transport from Brinks for the purpose of transferring the precious contents to another event at a convention center north of Los Angeles.
Then everything went wrong. A squad of robbers took over the armored truck and emptied its contents.
Brinks spokeswoman Dana Callahan confirmed the details of the case and announced that the company would compensate the group. According to her, the amount of compensation will not exceed $ 10 million. “According to the information customers provided to us prior to the transfer of the items, the total value of the missing items is less than $ 10 million. We work with law enforcement, and we will certainly fully compensate our customers for the stolen assets, in accordance with our contract terms,” she said.
Brinks’ statement caused a stir and the group’s director rushed to inform the media that the robbery was valued 10 times higher.
Swanson explained the difference between the value of the damage and the declared value in the Brinks documents by the fact that the jewelry owners tend to insure their items only partially, because they can not afford the high costs that the insurance requires of them, since insurance with $ 100 million coverage increases accordingly. “They are the Russians,” Swanson said, “some of these people have lost all their livelihoods.”
The premium is derived from the risk and the chance:
The recent brink robbery sharpens the difficult dilemma that property owners face on a daily basis, and that is the dilemma of whether the price of insurance matches the chance and risk in the occurrence of the insured event. “When it comes to the pocket, most insureds tend to be optimistic,” Hanoch Hirschowitz Solutions CEO Hanoch Hirschowitz tells Behadrei Haredim. Expenditure on insurance is seen by many as a luxury, “Hanoch explains.” At least once a week I get a phone call from someone I warned him about in the past and now he is desperate for help following the insurance case. “
Insurance premiums, Hirschowitz explains, are a direct result of the risk and chance of the insurance event. The higher the insurance price, the higher the risk. “When the insurance company makes a rather expensive offer, it usually means that the insurance is even more essential because the risk is also high.”
Last week’s robbery in Los Angeles is a warning sign for business owners who do not insure the full contents and structure, with the thought that this will save on current expenses. “Directors of institutions only insure the computer room at the school. Store owners give up insurance for goods in warehouses. This is damage that could lead to their economic collapse and bankruptcy,” warns Hirschowitz.