Identity Fraud 101
Travelers Property Casualty Corp. 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 for an additional premium of $25 per year and provides $15,000 of coverage with a $100 deductible. 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.
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.
Click here for an online copy of Travelers' brochure on identity fraud - which contains prevention tips and information about Travelers' Identity Fraud Expense Protection.
Travelers Personal Financial Protection Policy
Travelers now offers Identity Fraud Expense Coverage in a freestanding policy called the Personal Financial Protection Policy*. This industry-first policy provides several coverage options for the protection of your personal finances and valuables.
Interested in learning more about, or enrolling in, the Travelers Personal Financial Protection Policy? Give Us a Call at 1-800-237-7015 or e-mail us
gsainc@gentzlersmith.com to learn more.
**Subject to availability in your state
