Sequoia Insurance Co., based in Monterey, Calif., announces the release of restoration coverage for identity theft. For a minimal additional cost, identity theft recovery coverage can be added to Sequoia’s Enterprise, Edge, Agricultural Edge and other policies. Coverage includes a toll-free help line and a case manager to help guide the identity theft recovery process for 12 months. Also included is reimbursement for restoration expenses such as fees to re-apply for loans, cost of credit reports, and certain legal fees.
“Identity theft costs a lot more than money,” explains Joel Bethke, vice president of underwriting and marketing For Sequoia. “We’re committed to helping victims restore what they value most.”
Each year Americans spend approximately 300 million hours and incur $5 billion in personal expenses cleaning up problems caused by identity theft. The average cost to a victim to correct the problem is 60 hours of personal time and $1,200 in out-of-pocket expenses. Identity theft can cause the victim many additional problems, including a damaged credit rating and pursuit by collection agencies.
Source: Sequoia Insurance Co.
Topics Fraud
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