Good research Nationwide, its about time a carrier looked at this problem. In a prior article we discussed insurance companies using credit scores to underwrite insurance risk. What happens to the good rating of someone who has their credit effected by theft or mis information by Care Choice? What carriers are going to spend the time to verify credit errors when asked to? It seems to me, credit data companies who contract with insurance companies should be held accountable for allowing personal information to get in the wrong hands.
Fireman’s Fund Insurance has an ID theft Restoration service and ID Fraud Expense coverage on its Homeowner’s product. It’s a one call service that handles everything fm point A to Z. The Fraud expense coverage covers attorney fees, certified mailings, etc. The coverages are attached to the Added Measure Endorsement for $75 annual.
That’s great, but Farmer’s doesn’t stand behind their product. Note the $9.9 million verdict when they denied obvious liability coverage to their insured!
Travelers has ID Theft coverage, just no advocate to do the work for you. There is a stand-alone product sold that sounds wonderful. It’s usually sold by the same agents who sell the legal expense polciies. I’m sorry, I can’t be more specific – I gave away the only brochure I had on it.
MARY – why would a previous claim cause you to be un-insurable for the future? Thats kinda like if you have ever had hail damage to your roof, you can never get roof coverage again!!
Steve, Travelers does also offer the ID Fraud Expense as an Endorsement under their HO policies. $25/year for $20k for all incurred expenses and they also take it from A-Z. $100 deductible applies. Travelers Bond takes it a step further and provides $2500 to all employers, agents and brokers free of charge.
ID Fraud Expense and ID Restoration is two different coverages. Fireman’s Fund ID Restoration service is thru Identity Theft 911 and once coverage has been confirmed, its a one call solution to the client. The service contacts the credit bureaus, credit issuers, protects the credit rating, and facilitates the restoration. The client has the peace of knowing someone is working on a solution without the pressure of handling the calls and paperwork until fully restored. If an attorney is needed, then the Fraud Expense coverage covers the attorney fees and misc expenses that goes with the legal process of that route. That’s 2 products for the exposure. That’s Fireman’s Fund!!
Allstate Insurance also offers Identity Theft to assist with the expenses involved in restoring your credit. The cost is $40.00 a year and can be purchased on a home or renters policy. If you decide to hire a firm to help you address identity theft issues you will have up to $2,000 available to pay for their services.
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Good research Nationwide, its about time a carrier looked at this problem. In a prior article we discussed insurance companies using credit scores to underwrite insurance risk. What happens to the good rating of someone who has their credit effected by theft or mis information by Care Choice? What carriers are going to spend the time to verify credit errors when asked to? It seems to me, credit data companies who contract with insurance companies should be held accountable for allowing personal information to get in the wrong hands.
Anyone know of a good insurance product to help cover ID theft expenses?
Fireman’s Fund Insurance has an ID theft Restoration service and ID Fraud Expense coverage on its Homeowner’s product. It’s a one call service that handles everything fm point A to Z. The Fraud expense coverage covers attorney fees, certified mailings, etc. The coverages are attached to the Added Measure Endorsement for $75 annual.
That’s great, but Farmer’s doesn’t stand behind their product. Note the $9.9 million verdict when they denied obvious liability coverage to their insured!
Travelers has ID Theft coverage, just no advocate to do the work for you. There is a stand-alone product sold that sounds wonderful. It’s usually sold by the same agents who sell the legal expense polciies. I’m sorry, I can’t be more specific – I gave away the only brochure I had on it.
Hi Bar,
That was Fireman’s Fund Insurance CO. not Farmers……….A whole World apart. Here’s the link to see for yourself.
http://www.firemansfund-idtheft.com/home.htm
Please be advised… if you have been a victim of identity theft previously, you will not be able to obtain future coverage.
MARY – why would a previous claim cause you to be un-insurable for the future? Thats kinda like if you have ever had hail damage to your roof, you can never get roof coverage again!!
Steve, Travelers does also offer the ID Fraud Expense as an Endorsement under their HO policies. $25/year for $20k for all incurred expenses and they also take it from A-Z. $100 deductible applies. Travelers Bond takes it a step further and provides $2500 to all employers, agents and brokers free of charge.
ID Fraud Expense and ID Restoration is two different coverages. Fireman’s Fund ID Restoration service is thru Identity Theft 911 and once coverage has been confirmed, its a one call solution to the client. The service contacts the credit bureaus, credit issuers, protects the credit rating, and facilitates the restoration. The client has the peace of knowing someone is working on a solution without the pressure of handling the calls and paperwork until fully restored. If an attorney is needed, then the Fraud Expense coverage covers the attorney fees and misc expenses that goes with the legal process of that route. That’s 2 products for the exposure. That’s Fireman’s Fund!!
Allstate Insurance also offers Identity Theft to assist with the expenses involved in restoring your credit. The cost is $40.00 a year and can be purchased on a home or renters policy. If you decide to hire a firm to help you address identity theft issues you will have up to $2,000 available to pay for their services.