What does it mean when an insurance company offers a reward for arson or theft conviction? This is, in part, a way to help reduce the fraud that goes on in insurance.
An example is when an insurance company pays any person (not including law enforcement or civil authority persons) for information. The information has to lead to a conviction for arson or theft in regards to a policy claim on the property insured.
The amount paid is the most that would be paid out by the insurer. There could be payouts from other sources such as Crimestoppers - check out their website. The amount that is paid out under this does not reduce the total payable on the claim - this is an excess amount.
Talk to your agent or broker if you have questions in this regard.
