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 TMZ.com.