Management Insurance
ID Fraud Expense Reimbursement
There are two identity fraud group policies available through Travelers: one for employee groups and one for customer/member groups. 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
Employee Benefit Policy
The identity fraud group policy available for employers to purchase and provide the coverage to their employees at no cost is called the Wrap+ Identity Fraud Expense Reimbursement policy.
The Wrap+ form has several important features:
Family coverage, daycare and eldercare coverage and enhanced lost wages coverage are all built into the Wrap+ policy.
The Wrap+ ID fraud policy is on admitted paper in all states (including DC and Puerto Rico).
Four coverage limits are available: $1,000; $5,000; $10,000; $25,000.
Customer Benefit Policy
We use the Identity Fraud Master Policy to provide this valuable coverage to eligible customer and membership groups.
The Master Policy has several important features:
Family coverage, spouse coverage, daycare and eldercare coverage and enhanced lost wages coverage are all optional coverages that can be purchased for additional premium.
The Master Policy is on admitted paper in 42 states (including DC and Puerto Rico). The policy is not on admitted paper in AK, CA, IL, IN, NY, OH, SD, TX, WA and WY.
Multiple coverage limits are available between $1,000 and $25,000.
Identity Fraud Resolution Services
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, advise on case resolution, and support victims by providing written correspondence that will help expedite their situation.
Obtains a 3-in-1 credit report to review with the victim
Documents event and contact history with the victim
At the victim's request, assists in placing fraud alerts with major credit reporting agencies
Provides contact information for all future calls
Completes dispute letters on behalf of the victim for approval and signing
Enrolls the victim in six months of daily credit monitoring
Provides the victim with a Fraud First Aid Kit which includes:
Tips for fraud victims
Credit reporting agency information
Contact history tracking
Pre-populated letters to creditors
Availability can depend on the state where the policy is issued.
Financial institutions or other commercial businesses can purchase these policies on behalf of their account holders or customers, or for use as an employee benefit offering. The policies furnish expense reimbursement limits from $1,000 up to $25,000 per covered person to assist in the restoration of his or her financial health and credit history that has been damaged by identity theft.
