• Identity theft is one of the fastest growing crimes in North America. In many cases, there is little you can do to prevent becoming a victim.
• Anyone can be exposed to this threat simply by doing things that are part of their everyday routine -- using credit cards in-store or online, submitting personal information to employers or the government, putting papers containing personal information into the recycling bin or simply receiving mail in an unsecured mailbox.
• It can take just seconds for a thief to steal information such as a social insurance number, credit card number, bank account number and/or an address and use it to obtain a new mortgage, line of credit or an additional credit card.

Restoring your name and good credit after a theft of identify is a time consuming and costly process. According to the New York Times, it takes, on average, six months to detect a stolen identity event. The victim can then spend up to 200 hours doing what is necessary to recover from the crime -- that's more than a month of full-time work!

How does the PWUPP for Retirees Help?

The Identity Theft coverage availalbe to PWU retirees is intended to cover out-of-pocket expenses incurred and wages lost as you go through the process of restoring your financial health and credit history after a stolen identity event. It does not cover the actual financial losses you suffer as a result of any fraud committed using your stolen identity.

PWUPP for retirees Identity Theft Coverage vs that Offered by Banks and Credit Card Companies

Banks and credit card companies do not hold you liable for purchases made fraudulently on your behalf using their credit card. However, identity theft affects more than just your limit or balance with any one financial institution or credit card.

If your identity is stolen by professional criminals:

• You could find that a fraudulently mortgage or loan has fraudulently been taken out in your name or against your property,
• A seriously eroded credit rating, and
• The inability to get further credit….putting your existing mortgage and finances in jeopardy.
• You might even face criminal prosecution for crimes committed while the thieves veiled themselves in your identity.

The following types of losses and claims are covered by PWUPP for Retirees but generally not by most banks or credit card companies:

• Coverage for out of pocket expenses outlined below
  • Defence costs for certain civil suits as a result of identity theft – e.g. suits by collection agencies
  • Attorney fees incurred in removing criminal or civil judgments wrongly entered against you;
  • Costs incurred in challenging information in a credit report.
• Coverage for out of pocket expenses – not covered by most credit card companies – as outlined below.
  • Cost of re-filing loans
  • Certified mail expenses
  • Long distance telephone charges
  • Cost to notarize and certify documents
• Lost wages for time taken off work to resolve the problem
• Defined Recovery Process / ID Theft Recovery Kit
  • Some credit card companies provide kits and information on who to call, but they do not generally provide a claims consultant to assist you with the process.
  • The PWUPP's insurance partners, being HKMB International Insurance Brokers and American Home Assurance Company (AIG), will be there with experienced professionals to assist you in your time of need. They will help you identify what you must do to terminate further losses and end the crime, and then how to go about restoring and recovering your identity.
  • You will also have access to the resources of professional, experienced identity recovery and restoration firms

What is included?

Help with the Identity Recovery Process
One of the key steps in recovering your stolen identity is notifying relevant government agencies, police, credit agencies, banks, other financial institutions and businesses about the crime. To assist you, PWUPP for Retirees will provide a customized ID Theft Recovery Kit including sample letters to send to those who must be notified.

Income Protection
You may have to take time off work to deal with recovering your stolen identity. The plan gives you a safety net of up to $500 per week in lost wages for a maximum of 4 weeks.

Expense Reimbursement
To recover your identity you may incur expenses for such things as:

• Defending yourself against suits brought against you by collection agencies
• Removing criminal or civil judgments wrongly entered against you
• Challenging information in a credit report.
• Re-filing loans
• Certified mail
• Long distance telephone charges
• Notaries for completing and delivering affidavits

Who is covered?

Coverage Limit
The policy will pay up to $15,000 for any one occurrence of fraud.
The maximum payable over the course of any calendar year to any individual member of the Power Workers' Union of Ontario is $15,000.
Income protection and all legal fees are included in this limit.
Deductible: None

Frequently Asked Questions About Identity Theft Coverage