IDENTITY FRAUD EXPENSE REIMBURSEMENT
Identity fraud is one of the fastest growing crimes in the country today, impacting several million people per year. An employer purchasing identity fraud expense reimbursement coverage is providing an important benefit to their employees. Generally, a bank or a credit card company will reimburse victims for direct financial loss. However, most identity theft victims are not reimbursed for the time spent and expense incurred to re-establish their credit and clear their names. The 2009 Identity Fraud Survey report released by the Better Business Bureau and Javelin Strategy & Research showed that 9.9 million people were the victims of identity theft in 2008.
The Travelers Wrap+ will pay for the expenses associated with clearing up an individual's credit and just as importantly, it will also provide them with the information and guidance they need to resolve the problem.
WRAP+® Idenity Fraud Expense Reimbursement
CIS offers Identity Fraud Expense Reimbursement through Travelers Wrap+® policy. This product provides coverage to reimburse insured victims of identity theft for their time and the out of pocket expenses they incur when clearing their good name and re-establishing their credit. Coverage is provided for employees and their immediate families. Reimbursed expenses can include loss wages, notary and certified mail charges, fees to reapply for loans and long distance telephone charges. In addition, coverage is provided for an attorney fees incurred with Travelers prior consent. Also available is an optional endorsement for identity theft resolution services. An experienced fraud team works closely with victims to learn about the incident, document the case, advice on case resolution, and support victims by providing written correspondence that will help expedite their situation. Coverage limits available start as low as $1,000 up to $25,000 per employee and deductibles start as low a $0.
There are two identity fraud group policies available through Travelers: one for employee groups and one for customer/member groups. Master policies are available in 42 states on admitted paper. Coverage limits available start as low as $1,000 up to $25,000 per employee and deductibles start as low a $0.
Both policies reimburse victims of identity theft for their time and out-of-pocket expenses they incur when clearing their good name and re-establishing their credit. In general, the coverage reimburses identity theft victims for the following:
Lost wages as a result of time taken off from work to deal with the fraud, including wrongful incarceration.
Notary and certified mail charges for completing and delivering fraud affidavits
Fees to re-apply for loans that were denied due to erroneous credit information due to the identity theft
Long distance telephone charges for calling merchants, law enforcement agencies or credit grantors
Attorney fees incurred, with Travelers' prior consent, for:
defending suits brought incorrectly by merchants or their collection agencies
removing criminal or civil judgments wrongly entered against the victim
challenging information in a credit report
Travelers offers its identity fraud expense reimbursement resolution kit to insured victims of identity fraud to provide them with the help they need to resolve problems as quickly as possible.
Getting a quote is easy, just download and complete the application. Rates are based on the limit, deductible and number of covered individuals.
"Nothing stated herein affects the terms, conditions and coverages of any insurance policy or bond issued by any of the referenced insurers, nor does it imply that coverage does or does not exist for any particular claim or type of claim under any such policy or bond."
Coverage underwritten by Travelers Casualty and Surety Company of America and its property casualty affiliates, Hartford, CT 06183