Saturday, September 22, 2012

FaceBook Insurance

Several years ago, we noted that social media-using British property owners faced the prospect of higher insurance premiums:

"Users of social networking websites could face higher insurance premiums because burglars are using them to 'shop' for victims' personal details."

Never let it be said that the British P&C insurance industry stands still for long (it's the homeland, after all, of LLoyd's of London). Understanding that those social media users also face an increased risk of identity theft and threats to their reputation from some of their more salacious fellow countrymen, at least one British insurance firm is breaking new ground:

"There can be real defamation of character when the trolls get geared up for war, and UK-based insurance company ALLOW has decided that people need protection."

The carrier has introduced a line of products to mitigate the damage done by "reputational damage, account jacking and other forms of ID theft."

At a cost of less than a latté a day a month (about $6.50), one can purchase virtual peace of mind, or whatever amount of such $16,000 of coverage will allow one to buy. They even offer a 30 day free trial - sweet.

The downside: so far, the coverage is available only to our Cousins Across the Pond©.

[Hat Tip: Ace of Spades]
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