Airline lost baggage (Geneva)

Our bags were lost on Continental flight from the US to Geneva on Friday.
The airline seems to have no idea where the bags are, and they are giving us conflicting information about where they might theoretically be.

Does anybody have any experience / knowledge with such situation or knows somebody who might be able to help?

Anybody has any experience on how to put an insurance lost baggage claim?

Many thanks,
Avi