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ID Theft Coverage Draws Criticism
Activists say insurers, which share data, are
profiting from a need they helped create.
After someone used Robert Nighan's credit card to
charge $2,000 worth of golf clubs in California,
the insurance executive got an idea. Nighan — who
doesn't golf and lives in Hartford, Conn. —
figured out a way to legally make crime pay: Sell
an insurance policy to protect against identity
theft. "I was involved in our crime insurance
division at the time," said Nighan, a vice
president of insurer St. Paul Travelers Cos. "What
happened to me was relatively minor; it took only
about a week to fix. Still, it was a major
distraction, and for some victims it goes on for
years." So in 1999, St. Paul Travelers became the
first company to offer identity theft insurance.
It cost $25 as an option to a homeowner policy and
covered the costs involved in fixing credit report
problems in the wake of a crime.
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