Timbaland has a bone to pick with his insurance company.

According to TMZ, Timbo has filed a lawsuit against American Home Assurance Company last month, claiming he paid over $50,000 to take out a policy in May 2010.

One of the items covered under the policy was a Jacob & Co. 18K white gold watch, complete with 30 carats of diamonds. In the suit, he claimed that he lost the watch in August 2010 and filed a claim with AHA, even testifying under oath that it was missing. Apparently the company has denied his claim.

Interestingly, Timbaland reported the watch as stolen two years ago. In the lawsuit, he states he believes his daughter “picked [the watch] up and played with it until she became bored and discarded it somewhere,” and claims “it has never been found.”

Timbaland is currently in the studio working with Justin Timberlake on his upcoming third album The 20/20 Experience, and recently teamed up with 50 Cent and SMS Audio as an investor partner in the company.

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