Identity Fraud
Just as individuals can be victims of identity fraud, businesses too can have credit and financial information stolen, which could have a negative impact on cash flow or the business's credit standing. Even a temporary disruption could have a serious impact.
Imagine a manufacturer unable to purchase materials because of a question about the company's credit worthiness. Then imagine the ripple effects: production and shipments halted, sales suspended — perhaps opening the door for a competitor to step in — workforce lay-offs, a business in turmoil.
Travelers Canada Identity Fraud insurance covers costs incurred as a result of identity theft and enables you and your employees to recover quickly. It reimburses victims for money spent on reclaiming their financial identities and repairing their credit reports. Costs can include lost wages, notary and legal fees, credit monitoring services and more.
You can't eliminate identity fraud risk, but Travelers Canada insurance can help minimize the impact with loss and restoration coverages that enable you and your employees to recover quickly.
Who is this right for?
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Text, Travelers, Identity Fraud Expense Reimbursement Coverage.
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Identity fraud can happen to anyone-- through a stolen wallet, a home burglary, even online. It's a frightening experience for an individual. But it's also frustrating for an employer, who must absorb lost time, lost productivity, and perhaps even lost revenue.
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It takes an average of six months and 200 hours of work for an individual to clean up an identity thief's mess and prove all the debts and charges aren't their own. And someone in your company could get hit.
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Identity theft is one of the fastest-growing crimes out there. In Canada, the number of identity fraud victims continues to rise, topping over 68,000 consumers in 2020. Here are the stories of just two victims.
A victim's relative stole personal information and used it to take out a second mortgage on the victim's property. The thief made no mortgage payments and received more than $65,000 in fraudulent loan proceeds, sending the property into foreclosure. The victim had to sue the lending institution to release the mortgage and avoid foreclosure. It took two years and $25,000 in legal fees.
In another case, a property owner discovered that someone filed a fraudulent quitclaim to seize her $1,000,000 property, then tried to sell it. The property owner had to hire an attorney to reclaim ownership of her property and file a quitclaim title lawsuit against the perpetrator at the cost of $6,100 in attorney's fees.
Even if events like these have not happened yet, any stage of life, from marriage, to moving, to simply doing taxes, can bring the risk of identity theft. That's why it's important to have an insurance company that offers a range of services, from fraud experts who can answer your questions, to identity theft reimbursement and resolution services. It's a way to protect your workers while protecting your business.
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The Travelers umbrella
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With risks like these, and those yet to be discovered, you need an insurance company that can help protect and prepare you for what may come your way. That's why Travelers Identity Fraud Expense Reimbursement Coverage isn't a maybe, but a must-have.
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Talk to your insurance broker today to make sure you have the right coverage in place to help protect your business.
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Travelers Canada, 165 University Avenue, Toronto, Ontario M5H 3B9. This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of any insurance policy issued by Travelers Canada. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy provisions and any applicable law. Copyright 2021 Travelers Canada. All rights reserved. Travelers and The Travelers umbrella logo are registered trademarks of The Travelers Indemnity Company in Canada, the US and other countries. Travelers Insurance Company of Canada, the Dominion of Canada General Insurance company and St. Paul Fire and Marine Insurance Company (Canada Branch) are the Canadian licensed insurers known as Travelers Canada.
What's Covered?
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Credit restoration services – Provided by Intersections Inc and Sigma Loyalty Group Inc. These services include:
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Obtaining credit reports to review with the victim
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Documenting events and contact history with the victim
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Assisting in placing fraud alerts with major credit reporting agencies
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Enrolling the victim in six months of daily credit monitoring
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Providing the victim with a fraud first-aid kid
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Lost wages – Up to a maximum payment of $1,000 per week for a maximum period of five weeks, as a result of absence from employment, including for wrongful incarceration
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Family coverage – Including residents of the insured person’s household provided they are either a spouse, child under the age of 18 or parent
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Lawyer’s fees – With Travelers Canada prior consent, including:
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Removing criminal or civil judgment wrongly entered against the victim
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Challenging information in a credit report
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Defending resulting actions brought by merchants, financial institutions, healthcare providers or their collection agencies
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Pursuing the release of medical records for the purpose of investigating medical-related identity fraud
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Contesting wrongfully incurred tax liability
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Contesting the wrongful transfer of ownership of an insured person’s tangible property
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Daycare and eldercare expenses – Incurred solely as a direct result of any identity fraud discovered during the policy period
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Customers choose their own legal counsel
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Limit options – Ranging from $1,000 to $25,000
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Travel and accommodation expenses – Up to a maximum payment of $1,000 per week for a maximum period of five weeks for reasonable costs incurred by the insured person relating to the management of an identity theft
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Medical records fees – Incurred solely as a result of the investigation of a medical-related identity theft
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Fees to re-apply and re-issue government-issued personal identification – Identification documentation must have been compromised as a result of an identity theft
