MADISON, Wis. – CUNA Mutual Group announced yesterday the introduction of an identity theft insurance program covering credit union directors, officers and employees.
The policy, part of the company’s new Management and Professional Liability Insurance policy, will cover fees the victim has spent paying to notarize affidavits attesting to the fraud; certified mail to law enforcement agencies, credit agencies and financial institutions; application to reapply for loans; child care and/or elder care and reimbursement for time away from work.
Insured individuals will also receive identity theft restoration and consultation services from a licensed investigator during the entire resolution process through Kroll Fraud Solutions.
Identity theft insurance is optional as part of the MPL coverage for credit unions renewing their current policies on or after Jan. 1, 2010, in most states.
MPL is a new policy designed to protect credit unions and the personal assets of their directors, officers, volunteers and employees from a growing number of litigation exposures related to operating a credit union.
