As noted in previous posts, we have been examining various methods of how to protect ourselves from potential ID theft. It seems the two big players are still Lifelock and Debix.
It seemed time to revisit a concern that has been discussed here before, the insurance that both companies offer to us as their customers.
Debix does indeed seem to have an umbrella policy issued on a per customer basis by AIG, one of the world’s largest insurance companies. There is no deductible, although if you have coverage for an identity loss from another policy you own, AIG is last to pay. That’s all pretty standard stuff and there was a fair amount of policy information even in the summary on their website. Remember that it would be up to Debix to claim against the policy on your behalf.
LifeLock on the other hand, seems to have issued a corporate guaranty of some sort. If there is an independent third party backing this up they sure have it well hidden. The promise to insure you appears pretty arbitrary. Debix spins the story saying how simple the guaranty is. Another way to look at this is lack of detail makes for misunderstandings, makes for denied claims. There is a reason insurance policies have so much language in them and it’s not usually to shaft the owner as is widely believed. The main reason is that events unfold differently for everyone. We would prefer that LifeLock provide more details about their coverage not just have someone say “don’t worry, we’re behind youâ€.
So, on the basis of guaranties and insurance coverage, Debix is the winner. They have a real policy that is there for you in the event that your identity is ripped off.
Lifelock clearly has some sort of coverage, but whether it covers the individual customers, or the corporation, is not clear from the information provided.