TORONTO, Oct. 8, 2007 – AIG United Guaranty(1) now helps to protect more homeowners with the added security of Personal Identity Theft Insurance. Underwritten by American Home Assurance Company, a member company of American International Group, Inc.(AIG), this value-added coverage is made available to all AIG United Guaranty lending partners through a simple opt-in process. Lenders who opt in for this value-added coverage will be able to provide their borrowers with increased peace of mind by providing additional protection at no additional cost when their mortgage is insured with AIG United Guaranty.
To better understand the need for this insurance, a recent survey conducted by the Strategic Counsel for the Competition Bureau of Canada suggests that one in six Canadians has been affected by some form of identity fraud.(2) In 2006, over 7,700 Canadians were victims of identity theft that resulted in more than $16.2 million in losses across Canada.(3)
According to Andy Charles, President and CEO, ID theft insurance could not have come at a better time. “Every day we hear alarming reports about the increasing number of consumers victimized by identity theft, not to mention the time and cost involved in recovering personal information. AIG United Guaranty recognized this growing concern and has responded by including this coverage at no additional cost to insured borrowers. Although this coverage cannot prevent personal identity theft, AIG United Guaranty is committed to helping homeowners restore their identities in these unfortunate situations.”
Financial institutions may opt in for the coverage and then extend the benefits to their borrowers, yet another advantage AIG United Guaranty brings to the Canadian marketplace. AIG United Guaranty’s Personal ID Theft Insurance provides the following to homeowners:
- Up to $10,000 coverage for AIG United Guaranty’s primary and secondary mortgage insurance borrowers.
- Income protection for lost wages realized by borrowers in restoring their identity.
- Reimbursement for expenses incurred in connection with identity restoration.
- Reimbursement of legal defense fees and expenses.
- Increased peace of mind over a three-year period.
Trained specialists provide 24/7 assistance to those affected as they walk homeowners through the steps of records and file restoration. Canadians covered by AIG United Guaranty’s policy will be prepared to confront the unfortunate consequences of ID theft, equipped with the essential tools to expedite the recovery process.
For more information, visit AIG United Guaranty’s website at www.aigug.ca.
- AIG United Guaranty is a marketing term for AIG United Guaranty Mortgage Insurance Company Canada.
- CBC News. “1 in 6 Canadians hit by identity theft, survey suggests,” http://www.cbc.ca/consumer/story/2007/03/01identify-fraud.html, March 1, 2007.
- PhoneBusters. Identity Theft Complaints, http://www.phonebusters.com/english/statistics_E06.html, 2006.