The following is an excerpt from a new article on TMZ:

Timbaland is still crying over that $1.8 MILLION watch that went missing two years ago (wouldn’t you be?) — and now he’s filed a lawsuit against his insurance company … claiming it REFUSES to cough up the cash to cover his claim.

According to a lawsuit filed against American Home Assurance Company last month, the music mogul claims he paid over $50,000 to take out a policy with AHA back in May 2010. Timbaland says the policy covered a slew of expensive items, including his Jacob & Co. 18K white gold watch, loaded with over 30 CARATS of diamonds!!!

In the suit, Timbaland claims he lost the watch in August 2010 and filed a claim with AHA — and even testified under oath that it was missing — but the company DENIED his request and hasn’t paid a dime.

But there’s a twist … this is the SAME watch Timbaland reported stolen two years ago — which is when his family called the cops … claiming he was so distraught by the loss they feared he might commit suicide. Timbaland was adamant he never planned to kill himself.

Check out the complete article online at