News Room

August 25, 2006

ID Theft Program Provides Victims Direct Assistance, Cash to Help Restore Credit, Name

Benefits Include Access to Licensed Investigator, Nationwide Network of Attorneys

ATLANTA:  Assurant Specialty Property, a leading provider of specialty insurance and collateral protection programs, has introduced a new identity protection program that provides members:

• regular annual credit reports,
• assistance in interpreting and correcting inaccurate information found in the credit reports and, if victimized,
• a comprehensive suite of tools to help restore their credit and name, including
  • the services of a personal licensed investigator,
  • legal assistance and
  • up to $10,000 for expenses

Program members also will be eligible for an annual emergency cash reimbursement of up to $500 for losses when a wallet or purse is stolen or lost while traveling 100 miles or more away from home. 

ID Fraud Solutions is now available through select financial services companies as a special offering to their customers.  Consumers enroll by mail, telephone and, later this year, via the Internet. The monthly fee of $8.95 or $13.95 can be charged to a credit card, included with a monthly loan payment or automatically deducted from a bank account.  (The fee is based on the expense reimbursement level selected -- $2,500 or $10,000.)

Dawn Lamnin, vice president and product line executive for Assurant Specialty Property’s Lending Solutions business, said identity theft can be a devastating, time-consuming and costly experience for victims. “Most of the identity programs now available only guide victims through the process of restoring their credit and name.  ID Fraud Solutions takes control of the situation, doing most of the difficult work for consumer. It also compensates victims for out-of-pocket expenses, including lost wages.”

Assurant Specialty Property developed ID Fraud Solutions under Consumer Sense, a member class of Assurant affiliate Consumer Assist Network Associations, Inc.  Consumer Sense administers the program. Kroll’s Fraud Solutions Practice, part of Kroll, Inc., the world’s leading risk consulting company, provides restoration services and access for members to review their credit reports.

If a program member becomes a victim of identity theft, he or she is assigned a personal licensed investigator to manage the complex restoration process.  The investigator’s responsibilities include:

• Securing a 3-in-1 credit report with information from the three national credit repositories (Experian, Equifax and TransUnion).
• Preparing documents on the victim’s behalf, including Federal Trade Commission affidavits and dispute letters.
• Disputing fraud related matters on behalf of the victim with creditors and relevant agencies.
• Sending fraud alert notifications to credit reporting agencies, the Social Security Administration, Federal Trade Commission, U.S. Postal Services and affected credit card companies and financial institutions.

Later this year, Assurant Specialty Property will launch a Web site to support the ID Fraud Solutions program. The site will feature a number of credit-related management tools as well as links to request the annual complimentary reports each of the major credit-reporting agencies are required to provide to consumers.  These reports are in addition to the annual credit report the ID Fraud Solutions program automatically provides to each of its members and provide members an additional opportunity to easily access and watch overtheir credit report information.

Ms. Lamnin said restoring one’s name and credit is often an expensive process.  The program will reimburse members up to $10,000, with no deductible, for expenses incurred during the restoration process.  Covered expenses include:

• Lost base wages (limited to 12 months after discovery of the fraud) if the victim has to take time off from work to handle fraud-related matters.
• Notary and certified mail charges for related documents.
• Long-distances telephone charges when reporting or discussing identity fraud or related crimes.

In addition to up to $500 in emergency cash, the program will provide up to $500 in cash recovery for funds lost due to identity theft or related fraud.

Legal assistance is provided through a nationwide network of attorneys. Basic services include unlimited consultations, representation in small claims court, review of legal documents and written letters or telephone calls on the member’s behalf.  If additional legal services related to an ID theft are required, they are reimbursable under the financial services provision of the program.

Assurant Specialty Property has developed a turnkey marketing program to assist partners in offering ID Fraud Solutions to their customers.  For more information on this program, contact Dawn Lamnin, 305.253.2244, ext. 35005, or e-mail: dawn.lamnin@assurant.com.

About Assurant Specialty Property

Assurant Specialty Property businesses are leading providers of creditor-placed homeowners insurance, collateral protection programs and related outsourcing services. They develop, underwrite, market and administer specialty property and personal lines of insurance through collaborative relationships with leading home mortgage companies, manufactured home builders and dealers, auto finance companies, property management companies and managing general agents. Assurant Specialty Property serves clients and their customers in all 50 states and the District of Columbia. www.assurantspecialtyproperty.com

Assurant Specialty Property is part of Assurant, a premier provider of specialized insurance products and related services in North America and selected international markets. Its four key businesses - Assurant Employee Benefits, Assurant Health, Assurant Solutions and Assurant Specialty Property - partner with clients who are leaders in their industries and who have built leadership positions in a number of specialty insurance market segments worldwide.

Assurant, a Fortune 500 company, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has over $20 billion in assets and $7 billion in annual revenue. www.assurant.com

Media Contact:

James A. Sykes
Director, External Communications
Assurant Specialty Property
260 Interstate N. Circle, SE
Atlanta, Ga. 30339-2110
Telephone: 770.763.1015
FAX: 770.859.4325
E-mail: james.sykes@assurant.com