HARTFORD, Conn.- LAWFUEL – Legal News, Law Jobs –In order to help the principals of small businesses overcome the effects of identity fraud, Travelers Select Accounts today announced the addition of Identity Fraud Expense Reimbursement Coverage to its popular small commercial policies.
Each year millions of people, including business owners, fall victim to identity fraud. This can lead to business repercussions such as loss of revenue, bad credit, and emotional distress. The average time needed to resolve identity fraud problems can take at least 30 to more than 60 costly hours(a).
Staying in-synch with this growing problem and the evolving needs of its customers, Travelers Select Accounts is one of the first to provide small business owners with Identity Fraud Expense Reimbursement Coverage to cover the time and out-of-pocket expenses incurred while restoring their identities. This coverage, which reimburses principals for up to $15,000 of identity fraud expenses, is included as part of Power PacSM, Travelers’ package of business owner policy endorsements. The coverage is also embedded in the Travelers enhancement endorsements for accountants, lawyers, technology office, technology manufacturers, medical and dental offices and eating establishments.
“When a small business owner is victimized by identity fraud, it leaves them feeling very vulnerable and can have a detrimental effect on their business,” said Marc Schmittlein, president of Travelers Select Accounts. “As the company that pioneered identity fraud expense reimbursement coverage for personal and large financial institution customers back in 1999, we felt it was important to add this coverage for small business owners as well, to help them restore their good name and financial reputation as quickly as possible.”
Identity Fraud Expense Reimbursement Coverage covers small business principals including sole proprietors, partners, chief executive officers, or individuals with greater than 20 percent ownership interest in a corporation.
With a deductible of $250 per claim, the coverage reimburses expenses associated with notarizing affidavits; costs for certified mail; lost wages arising from time taken off from work to deal with the fraud or due to wrongful incarceration; pre-approved attorney fees; loan application fees; and long distance telephone calls.
Identity Fraud Expense Reimbursement Coverage is now available in new and renewed policies through Travelers independent agents.
Travelers pioneered the concept of identity fraud expense reimbursement coverage in 1999. The company also offers identity fraud expense reimbursement coverage to financial institutions, commercial businesses or membership groups that purchase a group policy on behalf of their account holders or customers, or for use as an employee or membership benefit offering. Travelers also offers identity theft resolution services through an optional endorsement. This provides victims with the help of a case manager to clear their name. This service includes assistance with reclaiming a victim’s identity and repairing his or her damaged financial history by ordering credit reports, alerting credit reporting agencies, enrolling customers in six months of daily credit monitoring, and preparing dispute letters on the customers’ behalf.
Travelers believes that life and business are inherently dynamic and that the best way to serve agents and policyholders is to provide insurance that helps them stay in-synch with their lives. For more information on being in-synch, visit www.travelers.com.
Travelers is a business of The St. Paul Travelers Companies, Inc. (NYSE:STA), a leading property casualty insurer selling primarily through agents and brokers. The company’s diverse business lines offer its global customers a wide range of coverage in both the personal and commercial settings, including automobile, homeowners, construction, small business, oil and gas, ocean marine, financial and professional services, global technology and public sector services. St. Paul Travelers is ranked 85 in the Fortune 500, with 2005 revenues of $24.4 billion and total assets of $113.2 billion. The company has approximately 32,000 employees.
(a)Resources: U.S. Federal Trade Commission—Identity Theft Survey Report, Sept. 2003; U.S. Department of Justice, Bureau of Justice Statistics, National Crime Victimization Survey, July 2004.