AIG Unit Fails to Shake Suit Over Lost $200,000 Engagement Ring

An American International Group Inc. unit will have to contend with a lawsuit from a San Diego man seeking payment for a lost engagement ring valued at over $200,000.

Victor Yacullo sued AIG Property Casualty Co. after it denied coverage for the ring, which was lost while in his fiancée’s possession in 2022. AIG insured the ring for $207,690 under a private collections policy. In January 2023, Yacullo purchased a replacement for the ring for $195,000.

Yacullo wasn’t entitled to coverage because he no longer had an insurable interest in the ring at the time of the loss, AIG argued. ...