St. Paul Travelers
NYSE : STA

March 30, 2006 11:00 ET

St. Paul Travelers Introduces Identity Theft Coverage for Commercial Businesses in Canada

SAINT PAUL, Minn.--(CCNMatthews - Mar 30, 2006) -

St. Paul Travelers (NYSE:STA) today became the first insurance company to offer identity theft coverage for commercial businesses in Canada. The Identity Fraud Expense Coverage Master Policy, which is available to financial institutions, commercial businesses and business associations and their customers, employees or members, is the same coverage that's currently available to businesses in the United States.

The Master Policy reimburses identity theft victims for up to $25,000 per covered person to restore their financial health and credit history. The policy provides coverage for the following:

-- Lost wages that result from time taken off work to deal with the fraud, including wrongful incarceration;

-- Notary and certified mail charges for completing and delivering fraud affidavits;

-- Fees to reapply for loans that were denied due to erroneous credit information caused by the identity theft;

-- Long distance telephone charges for calling merchants, law enforcement agencies or credit grantors to discuss the identity theft; and

-- Legal fees incurred, with St. Paul Travelers' prior consent.

"We recognize that identity theft is a growing crime in North America and that there is an urgent need to address this problem," said Phil Baker, vice president, Financial and Professional Services. "Unfortunately, people often become victims by conducting routine business such as using credit cards or submitting personal information to employers or government agencies, not realizing that they may be exposing this confidential data to someone who will steal their identity without their knowledge or permission."

Identity theft cases are on the increase in Canada. PhoneBusters, an anti-fraud National Call Centre located in Ontario, reported on its Web site that in 2005 it received 11,231 identity theft complaints from Canadians reporting total losses of more than $8.5 million and in the first two months of 2006, 1,137 complaints were filed reporting total losses of more than $1.8 million. According to the Identity Theft Resource Center in San Diego, it takes an individual almost 600 hours and $1,400 in out-of-pocket expenses to recover from identity theft.

St. Paul Travelers is a leading provider of identity theft coverage in the United States. The Identity Fraud Expense Coverage Master Policy is available to St. Paul Travelers brokers in Canada. For more information, visit www.stpaultravelers.ca.

St. Paul Travelers is a leading provider of property and casualty insurance. For more information, visit www.stpaultravelers.com.

Contact Information

  • St. Paul Travelers, Saint Paul
    Media Contact:
    Kim O'Connell, 651-310-2883