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NADA to Offer Identity Theft Insurance Plan

November 03, 2008

MCCLEAN, Va. — National Automobile Dealers Association (NADA) members have a new partner in the fight to prevent identity theft at their dealerships. NADA Insurance is offering a new Identity Theft Insurance Plan that was designed to provide dealers and their employees with the financial resources needed in case they are implicated in an identity theft incident.

“Identity theft is one of the fastest growing crimes in America,” says Lin Peacock, vice president of NADA Insurance. "An identity theft case could cost your dealership hundreds of thousands of dollars and negatively impact your dealership’s reputation."

The association noted that, since 2005, more than 88 million Americans have been victims of identity theft. The insurance plan covers identity theft expenses such as legal liability, regulatory action expenses, notification costs, identity theft recovery services, defense costs and crisis expenses. The new plan also protects dealers and employees individually in case a customer files a civil suit against specific employees. The plan’s coverage ranges from $100,000 to $5 million.

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