Identity Theft Insurance
Did you know that an identity thief could steal your credit identity to obtain money and property by using and ruining your good credit? That the FBI calls identity theft the fastest growing white-collar crime in America? That it is estimated that between 500,000 and 700,000 American"s will be victims of this crime this year?
In cases of identity fraud, criminals steal the identities of innocent consumers by theft of Social Security numbers and other forms of personal identification. While generally not liable for the bad debts that the criminal accumulates, the consumer-victim of identity fraud is left with a damaged credit history that can take considerable time and money to restore.
Identity fraud is a crime rapidly increasing in frequency, especially in this era of electronic record keeping, online financial transactions, and the Internet"s ability to rapidly distribute information. Recent federal legislation allows consumers to seek restitution for expenses from the criminal that carried out the identity fraud. However, actually obtaining such restitution might prove impossible if the criminal isn't caught or if there is a long list of creditors seeking similar restitution.
Travelers Insurance is the first insurer to offer consumers insurance protection for the expenses associated with the growing crime of identity fraud. The new coverage, called Identity Fraud Expense Coverage, can be added to a Travelers homeowners, condominium or renters policy or purchased separately under the new Travelers Personal Financial Protection Policy. The new Travelers coverage reimburses policyholders for expenses they incur as a result of their efforts to clear their name and financial records after becoming a victim of an identity fraud. Expenses covered include legal expenses, loan re-application fees, telephone and certified mailing charges, notary expenses, and lost wages for time taken off from work to deal with the fraud.
For more information about our Identity Theft Insurance policies and/or an application please contact CM&F Group at 1-800-397-3008, ext: 241 or via email at "Contact Us".