Safe ID Trust’s Identity Theft Insurance will reimburse our members for expenses associated with restoring their identity should they become a victim of identity theft. If a member’s identity is compromised (excluding New York residents), Safe ID Trust provides coverage for up to USD$1,000,000, with no deductible, from an A.M. Best “A-rated” carrier, subject to the terms, limits and/or exclusions of the policy. A summary of the policy coverage, definitions and limits follows, all of which is subject to the specific terms of the policy (which may be amended from time to time).
Coverage for Members domiciled within the United States:
The insurance policy covers the costs to restore identity and/or legal defense fees and expenses up to USD $1,000,000 per Stolen Identity Event (as defined in the policy), but limited to:
(a) Replacement of Documents – Up to USD $2,000.00 for any one Stolen Identity Event,
(b) Traveling Expenses – Up to USD $2,500.00 for any one Stolen Identity Event,
(c) Lost Wages – Up to USD $200.00 per day, for a maximum benefit period of one (1) month, but not to exceed USD $6,000.00 for any one Stolen Identity Event,
(d) Childcare/Elderly Care – Up to USD $200.00 per day, for a maximum benefit period of one (1) month, but not to exceed USD $6,000.00 for any one Stolen Identity Event,
(e) Fraudulent Withdrawals/Unauthorized Electronic Funds Transfer (EFT) Reimbursement Coverage – Up to USD $10,000.00 any one Stolen Identity Event, and
(f) Legal Costs – Up to a total of USD$1,000,000 for any one Stolen Identity Event.
The most the insurance policy will cover is USD$1,000,000 per Stolen Identity Event, or the limits stated above, whichever is the lesser amount.
Filing a Claim: To file a claim for benefit entitlement under this program, a member will need to call the Safe ID Member Services line that is provided upon activation of membership.
Description of the Specific Insurance Benefits:
The policy will pay for the following in the event of a Member’s Stolen Identity Event (subject to the limits described above):
i. Reasonable and necessary costs incurred by a Member for re-filing applications for loans, grants or other credit instruments that are rejected solely as a result of a Stolen Identity Event;
ii. Reasonable and necessary costs incurred by a Member for notarizing affidavits or other similar documents, long distance telephone calls and postage solely as a result of a Member’s efforts to report a Stolen Identity Event and/or amend or rectify records as to a Member’s true name or identity as a result of a Stolen Identity Event;
iii. Reasonable and necessary costs incurred by a Member, with the carrier’s consent, for up to six (6) credit reports from established credit bureaus (with no more than two reports from any one credit bureau) dated within six (6) months after a Member’s knowledge or discovery of a Stolen Identity Event.
b) Lost Wages
Actual lost wages earned in the applicable country, whether partial or whole days, for time reasonably and necessarily taken off work and away from a Member’s work premises solely as a result of a Member’s efforts to amend or rectify records as to a Member’s true name or identity as a result of a Stolen Identity Event. Actual lost wages includes remuneration for vacation days, discretionary days, floating holidays, and paid personal days but not for sick days or any cost arising from time taken from self-employment. This benefit is limited to wages lost within twelve (12) months after a Member’s discovery of a Stolen Identity Event.
c) Legal defense fees and expenses
The policy will cover the reasonable and necessary fees and expenses incurred by a Member’s with the carrier’s consent for an attorney approved by the carrier for:
i. Defending any civil suit brought against a Member by a creditor or collection agency or entity acting on behalf of a creditor for non-payment of goods or services or default on a loan as a result of a Stolen Identity Event; and
ii. Removing any civil judgment wrongfully entered against a Member as a result of the Stolen Identity Event.
d) Unauthorized Electronic Fund Transfer Reimbursement (for U.S. Members only):
The principal amount, exclusive of interest and fees, incurred by a U.S. domiciled Member and caused by an Unauthorized Electronic Fund Transfer first occurring during the policy period for which a Member has first sought reimbursement from the financial institution that issued the access device and holds the account from which funds were stolen, and for which a Member has not received reimbursement from any source. The limit on this coverage is USD$10,000 per event.