Chubb has launched an extension to its high net worth policies to combat policyholders being hit by fraudsters.
A key feature of the policy will include cover for expenses incurred whilst restoring their credit status. The company said existing policyholders will benefit from the new extensions.
The developments come at a time when, according to Fraud Prevention Service CIFAS, Identity fraud increased by 462% between 1999 and 2000.
Chubb plans to tacke this by offering fraud victims £10,000 worth of cover per identity fraud incident.
Chubb's European head of Personal Lines, John Sims said: "The unfortunate realities of life in the 21st century call for a change of emphasis - from just insuring property to protecting and restoring our customers' lifestyle.
"We are now providing cover to help overcome the financial and emotional trauma of these incidents."
