Guys please help me for this question please, around 100 words for each question with typing. (Risk management and Insurance)

need it asap!!!

Upon graduating from college, your parents host a graduation party at their house for you. 30 of your friends attend along with several family members. At the end of the party everyone is leaving the house. As the last guest leaves, you thank them for attending and close the door. 2 minutes later there is a loud knock on the front door. You open the door and see one of your trusted friends who is very upset. She tells you that after getting into her car she realized her $8,000 Rolex watch was missing. You, your friend and your family members search the house, front yard and your friend's pocketbook, pockets and her car to no avail - the watch cannot be located. 1) Should you call the police? 2) Is this apparent loss covered by the parents' home owner's insurance? 3) If not, what insurance might cover this loss