Insurance Investigations in Tampa and Miami, FL

Insurance Investigations in Tampa and Miami, FL

Advantage Unlimited Investigations has conducted 1000s of insurance fraud investigations obtaining evidence through surveillance, background checks, witness statements, accident scene reconstruction and other investigative tools. We have successfully assisted numerous Fortune 500 Insurance companies, top tier national insurance fraud law firms, third party administrators and city and corporate risk managers with thwarting potential insurance fraud claims. Our investigations over the last 30 years have save our clients $1,0000,000.00's in bad claim and fraudulent claims.

Rest assured we will exhaust every possible avenue to uncover any hint of suspected fraud for your case file. After our investigation is complete you will be confident that your claim can be settled or terminated in the best interest of all parties concerned. We provide competitive flat and hour rates for daily surveillance, activity checks, witness location statements, or background checks.

Insurance Fraud Services are provided Statewide (Florida), Nationwide and international if necessary. Don't hesitate to contact us for a free consultation with your insurance fraud needs. Call our Tampa office at 813-766-9545 or our Miami office at 305-680-0458.

Insurance Fraud

The insurance industry consists of 1000's companies that generate over $1 trillion in premiums each year alone. The massive size of the industry contributes dramatically to the cost of insurance fraud by providing opportunities for committing illegal activities

The Costs of Insurance Fraud

The cost of insurance fraud (non-health insurance) has been estimated to be more than $40 billion per year thus costing the average U.S. family between $500 and $800 per year in the form of increased premiums on their insurance plans.

Common Insurance Fraud Schemes

Common Insurance Fraud Schemes

Premium Diversion

  • Premium Diversion is a common type of insurance fraud.
  • For Example an insurance agent fails to send premiums to the insurance underwriter and instead pockets the money for personal use.
  • premium diversion scheme also involves selling insurance without a license, collecting premiums and then not paying claims.

Fee Churning

  • In fee churning, a series of secondary agents take commissions through reinsurance agreements.
  • Initially premiums are reduced by repeated commissions until there is no longer money to pay claims.
  • The company left to pay the claims is often a business the conspirators have set up to fail.
  • Upon initial examination each transaction appears to be legit, however, only after the total fraud is executed does the fraud emerge.

Asset Diversion

  • Asset diversion is defined as theft of insurance company assets.
  • It occurs in most instances in the context of an acquisition or merger of an existing insurance company.
  • Asset diversion often involves acquiring control of an insurance company with borrowed funds. After making the purchase, the subject uses the assets of the acquired company to pay off the debt. The remaining assets can then be diverted to the subject.

Workers' Compensation Fraud

  • Some entities purport to provide workers' compensation insurance at a reduced cost and then misappropriate premium funds without ever providing insurance.
  • Workers' compensation fraud investigations including misrepresentation or outright lying of injuries sustained on the job.
  • Workers' compensation fraud costs employers millions of dollars in lost claims, lost productivity and lost business assets

Disaster-Related Fraud

  • False or exaggerated claims.
  • Misclassification of flood damage as wind, fire, or theft.
  • Claims filed by individuals residing out of the jurisdictions of the disaster-zone.
  • Bid-rigging by contractors, falsely inflating the cost of repairs.
  • Contractors failing to perform the agreed upon repairs.
  • Charity fraud scams designed to misappropriate funds donated for disaster relief.