Mortgage-Insured Homebuyers Benefit from Additional Coverage at No
TORONTO, Oct. 1 /CNW/ - 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. "Everyday 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
- Reimbursement for expenses incurred in connection with identity
- 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.
AIG United Guaranty's Canadian press releases may be viewed on our
website at www.aigug.ca.
(1) AIG United Guaranty is a marketing term for AIG United Guaranty
Mortgage Insurance Company Canada.
(2) CBC News. "1 in 6 Canadians hit by identity theft, survey
March 1, 2007.
(3) PhoneBusters. Identity Theft Complaints,
For further information:
For further information: Brian Bell, (416) 640-8933,