Mark Thought He Was Fully Insured... The Policy Exclusion Proved Otherwise.
Most Identity Theft Insurance policyholders never realize how specific policy language can affect their policies — until they learn how it can affect a claim. My Policy Advocate™ helps you understand your coverage before you need it.
Mark Sellers’ Reimbursement-Only Policy*
Mark Sellers suffered a $17,600 theft from his bank and HELOC. His employer-provided identity theft insurance promised a $25,000 benefit. The insurer reimbursed him only $763, stating: “Direct stolen funds are not covered.”. The policy covered only ancillary recovery expenses (legal fees, lost wages up to $1,500), not the replacement of the stolen money.
Potential Denial (The Gap):
Standard US policies nearly always reimburse only ancillary recovery costs, leaving direct losses of stolen funds unrecoverable unless specialty add-on coverage is purchased.
Risk Identified by My Policy Advocate:
“Reimbursement-only”—expenses, not the stolen money.
Policy Language:
“This policy does not apply to any direct financial loss or ‘Stolen Funds.’ Only reasonable recovery expenses as listed are covered.”
Discovery by Clara, our Ai Assistant:
Clara identifies the distinction between “Stolen Funds” coverage and “Expense Reimbursement” coverage, flagging policies that lack the former.
Questions to Ask Your Agent:
- Does my protection include funds reimbursement, or only expenses?
- Are there US endorsements or add-ons that cover theft, and how do I request them?
* This scenario described is fictious and is solely for illustrative or educational purposes so the insured has the opportunity to discuss these issues with their licensed insurance producer.
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