AN UPDATE ON IDENTITY THEFT

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Shakespeare said it well in Othello: "But he that filches from me my good name/Robs me of that which not enriches him/And makes me poor indeed."

Identity theft is now the fastest growing crime in America. It happens when a criminal wrongfully obtains and uses the personal information belonging to someone else--perhaps to you. Such personal information may include your Social Security number, credit card numbers, or the ATM PIN code for your bank account. Although you may think you are careful with this information, identity thieves are clever and can obtain this information in any number of ways.
A popular method is "shoulder surfing" where the thief just stands near the ATM and watches as you key in your PIN. Or the thief may listen in on your phone conversation as you make hotel reservations with a credit card.

Many of us have gone fishing at one time or another. Well, ID thieves utilize "phishing" as a way to get your personal information. They send out fake e-mails, purportedly from banks or credit card companies, indicating that there is a problem with your account. In order to "verify"
your account, they ask for your Social Security Number and other information. Many people respond in good faith to these inquires. As a result, their identities are often stolen.

While most people would not be caught dead going through a trash bin, "dumpster diving" has become a new sport for ID thieves. They go through dumpsters looking for things such as bank statements, checks, or credit card statements--items that contain your address and account number.

We could go on and on with examples of identity theft, but you get the picture. There are several things you can do to protect yourself.

• If you have to give out personal information over the phone, make sure you know who is at the other end of the line. Also, make sure no one is close by, listening to your conversation. When using an ATM, ensure that no one is watching you.
• Shred all bank statements and credit card bills before you throw them away.
• Do not respond to any e-mail inquiries for your information without first calling the sender.

You can also now purchase an endorsement to your homeowners insurance policy to cover expenses you incur in case your identity is stolen. For just a few dollars a year, you may purchase up to $15,000 of such protection. Please call your insurance agent for more information.

DANGERS OF GOING BARE ON WATERCRAFT COVERAGE

Boatowners typically face large property and liability loss exposures from their boating activities while often going without proper insurance. The following loss scenarios point to the need for specialized boatowners coverage. Remember that many of these loss examples are not covered (or have tough restrictions) under the standard personal auto or homeowners policies.

• Your cruiser collides with a speed boat whose operator fails to yield the right of way, causing extensive damage to your boat. The owner of the speed boat does not have any insurance coverage.
  


• An expensive bass boat you just purchased is stolen from your home.
  


• Your 27-foot-long sailboat is damaged by a major hailstorm while docked at the marina.
  


• Your sport fishing boat is struck by lightning, incapacitating its electrical system.
  


• Your son's friend is water skiing behind your boat and he falls into the lake, injuring himself, due to the excessive speed of the boat.
  


• You negligently cause another boat to overturn to avoid a collision.
  


• Your outboard motor explodes, seriously injuring your next door neighbor.
  

If you have any watercraft exposures, please call me for a review of your loss exposures and insurance solutions.