September 14, 2006 by Canadian Underwriter
The Dominion of Canada General Insurance Company (“The Dominion”) is now automatically including up to $25,000 of identity fraud expense coverage in its and Chieftain’s homeowners, tenants and condominium policies, subject to a $250 deductible.
The Dominion announced it is not charging any additional premium for this coverage.
“We chose to include this coverage rather than charge for it for two reasons,” Dominion president and CEO George Cooke said in a press release. “First, notwithstanding recent media coverage, identity fraud is still a relatively rare occurrence, so the cost to The Dominion is likely to be minimal.
“Second, and more important, recovering one’s identity can be expensive and time-consuming. This is something people worry about and we want our policyholders to have the comfort of knowing that if it happens to them, their policy with The Dominion will provide the funds to hire the professionals they need.”
Cook said independent insurance brokers have asked insurers to take this step to protect their customers. “We [at Dominion] are pleased to be able to say, ‘Yes,'” Cooke said. “We can do this and we can do it today.”
The coverage is effective immediately.