$1 Million Identity Theft Insurance & Lost Wallet Protection
Identity Theft Insurance will reimburse subscribers for expenses associated with restoring their identity should they become a victim of identity theft. If a subscriber’s identity is compromised (excluding New York residents), myFICO 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 subscribers 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 subscriber will need to call: 1-888-213-1459.
Description of the Specific Insurance Benefits:
The policy will pay for the following in the event of a subscriber’s Stolen Identity Event (subject to the limits described above):
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 subscriber’s work premises solely as a result of a subscriber’s efforts to amend or rectify records as to a subscriber’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 subscriber’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 subscriber’s with the carrier’s consent for an attorney approved by the carrier for:
d) Unauthorized Electronic Fund Transfer Reimbursement (for U.S. subscribers only):
The principal amount, exclusive of interest and fees, incurred by a U.S. domiciled subscriber and caused by an Unauthorized Electronic Fund Transfer first occurring during the policy period for which a subscriber 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 subscriber has not received reimbursement from any source. The limit on this coverage is USD $10,000 per event.
myFICO’s Lost Wallet Services provide Subscribers protection for personally identifiable information that has been compromised. Services include: