We were approached to assist in the development of a unique Cyber and Identity Theft (“ID Theft”) program. After extensive consultation with our client we submitted a program for Underwriters which they endorsed.
As well as providing typical ID Theft protection such as expense reimbursement and legal assistance (up to $25,000) including lost wages (up to $500 per week for up to 4 weeks) following identity theft we sought to develop coverage in the following areas:
Resolution Service - general advice and assistance to enable customers to resolve issues created by the theft of their identity. The general assistance extends to a team of dedicated experts willing to work on behalf of the customer, contacting necessary credit bureaus on their behalf and genuinely fighting to get their identity restored.
Restoration Services - dedicated experts providing more than just simple directions to customers on getting their identity back. A comprehensive description of the resolution process; educational articles, and guidance for avoiding future complications; a speedy notification process alerting all major credit bureaus and credit accounts ensuring that a fraud alert is placed on the customer’s file.
Cyber Services - the last aspect of the coverage contained a fully integrated cyber liability feature: in the event that the customer’s financial institution or establishment is hacked we developed coverage to protect the customer from the financial exposure as a result of the hacking. Our plan was delivered inclusive of $5,000 of damages coverage extended to include all family members of the customer.