Identity Theft Insurance

[I AM ALWAYS LIABLE]

My comment:

Who knows, it could be a good thing.

TRAVELERS INSURANCE OFFERS INSURANCE AGAINST STOLEN IDENTITIES.

By Deborah Lohse. The Wall Street Journal. 99/09/29. Page A12.

Travelers Property Casualty Corp. of Hartford, Connecticut, is offering a new product which protects individuals who have had their identity stolen by impostors armed with social security numbers and other personal information. The coverage, which costs $25 a year, will provide policyholders with up to $15,000 in expenses and reimbursement of lost wages that are incurred while repairing their credit history. The insurance will not pay fraudulent bills, since in most cases consumers are not held liable for purchases made using stolen credit. Bob Givens, director of the nonprofit consumer group Privacy Rights Clearinghouse, estimates that up to half a million people a year are victims of identity fraud.

Brought to your attention by . . .
IAAL

 

[JETX]

It will be interesting to see what Travelers requires to prove the "lost wages that are incurred while repairing" the victims credit history.

Especially since most victims do NOT take significant (if any!) time off from work to handle this problem.

So, after reviewing this 'offer', they are asking you to pay them $25.00 for them to cover 'expenses' (postage, copying and maybe a couple of credit reports??) and some unprovable time off work to handle this problem.

All in all, doesn't sound like a very good policy to me.