Page 29 - Delaware Medical Journal - April 2018
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MSDIS CORNER
Drawing on years of experience, USI consultants work with individual clients identity theft as well as the ID theft exposures of household members. If needed, USI assists clients to obtain ID theft coverage for a nominal additional include:
Consultations on minimizing your risk to identity theft
Access to identity theft monitoring services
An advocate to assist throughout the identity restoration process
FINANCIAL IMPACT
Identity theft affects victims in many
be both direct and indirect. The amount stolen from a victim’s bank account
or credit card is a direct loss resulting from the identity theft. The indirect losses, which sometimes can be more costly, include bounced check fees, computer system repairs, phone calls, postage, legal fees, credit monitoring and other costs related to the crime. The emotional toll on a victim, which may stem from anxiety over personal security, reputational damage within the community, countless stressful
hours spent resolving issues with debt collectors and credit bureaus, and undeserved credit-related hardships is much harder to quantify. Altogether,
the cost to restoring what was yours
can be both time-consuming and expensive. In fact, the FTC estimates victims spend anywhere from 175 to
600 hours to restore their identity. This loss of time is not insurable. What is insurable, typically, is the amount of direct assets stolen that is not recoverable restoration and other expenses such as fees and higher deductibles due to loss from a homeowners’ or standalone identity theft insurance policy will reduce the amount.
USI CASE STUDIES
Identity theft cases vary. One notable
received an email alert from a credit
card company about several attempts to charge $3,000 on a card. The advisor, who frequently monitors his assets, reached out to his bank and learned that $80,000 had been transferred from his fraudulent checking accounts. Eventually this advisor, who had obtained a USI- negotiated ID theft coverage, was
able to recover all the stolen funds.
In addition, through the coverage, he
was able to work with an advocate to
restore his credit, including completing
Federal Trade Commission and IRS and reviewing current credit reports to identify every piece of fraud to dispute. This client avoided more than $106,000 in potential out-of-pocket expenses as a result of the coverage.
This case study is one of many success stories shared by USI’s Personal Risk Services’ clients. To learn more about USI’s ID theft and other personal insurance solutions contact your local
To analyze our client’s personal exposures and challenges our personal risk team leverages USI ONE®, a fundamentally different approach to risk management. USI ONE integrates proprietary business analytics with a networked team of
local and national experts in a team based consultative process to evaluate identify targeted solutions to address those risks. Clients then receive tailored investment of premium dollars through customized personal insurance risk management programs that enhance coverage and manage rate control.
CONTRIBUTING AUTHOR
■ KATHLEEN KENNELLY is a Personal Risk Specialist for USI Insurance Services.
Identity theft affects victims in many different ways, including financially and emotionally.
Del Med J | April 2018 | Vol. 90 | No. 4 125
