Posted on 04 Nov 2010
Travelers, the first insurance carrier to offer Identity Fraud Expense Reimbursement insurance, has updated its Identity Fraud product to offer greater protection against even more of the most frequent problems identity fraud victims experience. The insurance product upgrades come at a time when the number of identity fraud incidents is on the rise with more than 11.1 million adults victimized in 2009 according to Javelin Strategy & Research.
The enhanced Identity Fraud product from Travelers now covers the following expenses for possible reimbursement*:
• expenses related to medical identity fraud which includes costs for obtaining copies of health records, attorney's fees for the release of medical records, and phone and mail charges to healthcare providers,
• expanded attorney's fees for tax- and employment-related identity fraud,
• travel expenses up to $1,000 a week for up to 5 weeks when victims are required to travel to the jurisdiction in which the identity fraud took place to file in-person loss affidavits with local law enforcement and/or judicial authorities or testify against perpetrators of fraud, and
• expenses and fees associated with acquiring new government-issued identification, including passports, commercial and non-commercial driver's licenses, and state and federal personal identification cards if they were compromised.
"We are committed to enhancing the Identity Fraud product to help customers protect their finances from the costs associated with restoring their personal information, while still delivering the tools and resolution services to quickly address current losses and mitigate the risk of future fraud," said Joe Reynolds, Identity Fraud Product Manager for Travelers. "These improvements deliver the best product available to meet the evolving needs of today's ID fraud victim."
In addition, the upgraded Identity Fraud product offers an extension to the amount of time an identity fraud incident can be reported and still qualify for expense reimbursement, as well as an enhancement of covered attorney's fees to include contesting the wrongful transfer of ownership of personal property and wrongfully incurred tax liabilities solely as a result of identity fraud. All of the coverage updates will be available to both business and personal insurance customers.
"The recent study of Travelers claim data indicated that identity thieves typically resort to old-fashioned methods like stealing someone's license, passport or Social Security card and then committing complex frauds with the easily acquired information," said Reynolds. "Some of the ID fraud insurance product enhancements will directly help individuals victimized in this manner."
Insurance protection for identity fraud from Travelers provides customers with access to a consumer fraud specialist, who can guide victims through the process of restoring their identity. Coverage includes reimbursement for the costs associated with identity restoration as well as providing the services required to help victims restore an identity.
Identity Fraud Expense Reimbursement Coverage is available as an endorsement on a Travelers homeowners, renters or condo policy for $25 annually and offers protection up to $25,000 per insured person with no deductible. Travelers also offers Identity Fraud Expense Reimbursement Coverage to financial institutions and commercial entities as an employee customer or membership benefit.*
*Reimbursements are restricted to the limits established in the policy. Coverage may not be available in all states and is subject to individual eligibility.