Hip Hop icon and mega producer Timbaland is being accused of insurance fraud.  In a story first broke by TMZ, Tim evidently filed a claim for a 1.8 million watch that went missing.  However, the company that made the watch is disputing his claim.

The super producer reportedly filed an official claim with his insurance company, American Home Assurance and claimed his 2-year old baby girl lost the expensive time piece.  The watch was made by Jacob & Co. and contained some 30 carats of diamonds and

The insurance company isn’t trying to pay Timbo anything and seems to be putting up a fight on the claim.  In legal documents obtained by TMZ, the company claims it doesn't owe a dime because of the following reasons:

-   Timbaland bought the watch for $900,000 but insured it for twice the purchase price.

-   Timbaland reported the watch stolen ... but 4 months later claimed his daughter misplaced it.

-   Everyone involved told a different story ... the wife implicated another female, the assistant implicated the maid, the maid only copped to sleeping with Timbaland's brother-in-law and the brother-in-law refused to cooperate.  No one ever mentioned the daughter losing the watch, like Timbaland belatedly claimed.

Somebody call a TV network, this story has the makings of a reality show!  By the way, Tim reportedly paid $50 stacks to insure the watch back in 2010.  So, far there’s been no comment from his camp on the issue.