Identity Theft Coverage
Last year, there were more than 17,000 reported cases of identity fraud in Canada alone. That amounts to nearly 50 affected individuals every day. With that, identity theft is one of the fastest growing criminal acts which tends to take a heavy personal and financial toll on victims.
People who have been confronted first-hand with a case of identity theft fraud have had to spend their own hard-earned money and a considerable amount of time and effort to clear their own credit history, let alone the countless hours reestablishing accurate financial records.
Identity theft comes in many forms but is often related to having one’s personal information stolen or compromised. This could come in the form of a stolen social insurance number, driver’s license or even an online password for a bank or credit card. The common denominator is that the theft occurs with the intent to utilize the stolen information for illegal purposes such as making fraudulent purchases, accessing banking funds, obtaining government identification or even applying for credit.
How does Identity Theft Insurance work?
Identity Restoration Services simply means the reasonable and necessary services provided to you by an Identity Fraud Vendor and relating to a covered stolen identity event as follows:
- assistance in confirming the Stolen Identity Event;
- assistance in organizing details of the Stolen Identity Event;
- obtaining an explanation of your rights;
- assistance in identifying the nature of the fraud;
- education regarding the process your responsibilities;
- assistance in reading and understanding a consumer credit report;
- assistance in gathering and completing paperwork, including police reports;
- assistance in navigating and/or utilizing the resource website;
- offer consultative information when you call during the Stolen Identity Event restoration process;
- consultative information for a specific Stolen Identity Event will continue to be available until the Identity Fraud
- vendor receives verification that the issue has been resolved;
- fill out necessary forms and/or documents, write letters and forward them to you for signature; and
- forward correspondence to the appropriate recipients on behalf you when required.
Once a Limited Power of Attorney is completed and returned (and whenever else a stolen identity event warrants), the Identity Fraud Vendor will:
- review your credit history in order to identify fraud exposure, including:
- public records – liens, judgments, bankruptcies;
- credit accounts – new and/or derogatory;
- prior employment; and
- social security or insurance number, date of birth, name;
- work with national credit bureaus to restore credit accuracy;
- verify creditors that may have extended credit following the Stolen Identity Event;
- confirm creditor contact information;
- contact creditors and collection agencies to dispute all fraudulent accounts;
- notify and work with the collection agencies of those creditors holding fraudulent accounts;
- draft and/or complete and submit required documentation to support the dispute of fraudulent claims including:
- stolen identity statements;
- dispute letters;
- notify and work with, including but not limited to: all required government agencies, credit bureaus, financial institutions, creditors, health care institutions and other private and/or public sector entities as appropriate, applicable and to the extent permissible by law;
- provide an up-to-date status on their Stolen Identity Event case, when requested;
- maintain a detailed report of your case including copies of documentation and correspondence;
- continue the Identity Restoration Services until the Stolen Identity Event case is complete. A Stolen Identity Event is considered closed once the Identity Fraud Vendor receives verification from you that the issue has been resolved; and
- provide you with a summary report of their case upon completion.
How much does Identity Theft Coverage Cost in BC?
For only $30 a year, our Identity Theft policy will provide $20,000 coverage for identity restoration services. This can be purchased separately and independently from your residential insurance policy, whether that’s your home, condo or renters insurance policy. Should there be a covered claim under this policy, the insurance company will pay for any Identity Restoration Services on account of a Stolen Identity Event first discovered by your, during the Policy Period.
Where can I buy Identity Theft Coverage?
We have partnered with one of Canada’s largest insurance companies to offer Identity Theft Restoration Insurance online. By simply entering your name, address and policy start date, you will be able to purchase your policy online and enjoy peace of mind immediately. We will send you a copy of your insurance documents the moment you confirm your purchase.