Gramm-Leach-Bliley Privacy Policy Notice

Effective Date: 5/2025

This Privacy Notice is provided in accordance with Title V of the Gramm-Leach-Bliley Act (GLBA). The Act generally prohibits financial institutions, including insurance entities, from sharing nonpublic personal information about you with third parties unless we first provide you with this notice describing our privacy policies and practices. It explains the types of information we collect, how we use it, and the categories of third parties to whom we may disclose it.

We may update this Notice periodically. Unless otherwise stated, our current Privacy Notice applies to all information we maintain about you and your accounts. We will not make changes that reduce the level of protection for your information without providing notice and obtaining consent where required.

 

Our Commitment to Your Privacy

When you apply for insurance through LossPay Diminished Value Insurance, Inc. (dba LossPay, formerly LossPay, Inc.) you provide us with personal information. Federal and state law regulate how such information may be collected, used, and disclosed. Our policy is to:

• Collect only the information necessary or relevant to our business.

• Take reasonable steps to ensure information is accurate, relevant, timely, and complete.

• Use only legitimate and lawful means of collection.

• Share information externally only for legitimate business needs, regulatory obligations, or as otherwise permitted by law.

• Restrict internal access to employees and contractors who require the information to perform their job duties.

 

Information We Collect

We collect most information directly from you through applications, forms, and communications (including by phone, email, or online). Depending on your transaction, we may also collect information from:

• Consumer reporting agencies.

• Insurance support organizations.

• Data providers such as vehicle history or valuation services.

• Claims adjusters, investigators, or legal representatives.

Examples of information collected include:

• Identifiers such as your name, address, phone number, Social Security number, and driver’s license.

• Financial information such as your date of birth, billing and payment details, or bank account information.

• Policy and claims data such as coverage selections, accident history, and claims records.

 

How We Use Information

Information we collect is used to:

• Evaluate applications and requests for insurance.

• Determine rates and issue policies.

• Service and administer policies.

• Adjust and settle claims.

• Offer insurance and related products that may meet your needs.

 

How We Share Information

We may disclose your information as permitted by law, including to:

• Affiliates and insurance carriers with whom we place business.

• Independent claims adjusters, appraisers, investigators, and attorneys.

• Reinsurers, agents, or consumer reporting agencies.

• Insurance support organizations created to detect or prevent fraud.

• State insurance regulatory agencies.

• Courts, regulators, or law enforcement pursuant to subpoena or legal process.

• Certificate holders or lienholders with a legal or financial interest in your policy.

We do not sell your personal information.

 

Your Rights

You have the right to:

• Access: Request access to the personal information we maintain about you, including its source and the parties to whom it has been disclosed within the past two years.

• Correct/Amend: Request corrections, amendments, or deletion of inaccurate or incomplete information.

• Copy: Obtain copies of your information (a reasonable fee may apply).

Requests must be submitted in writing to:

Customer Privacy Inquiries
LossPay Diminished Value Insurance, Inc.
16192 Coastal Highway
Lewes, DE 19958

We will respond within 30 business days of receiving a verified request.

 

Confidentiality and Security

We maintain a Written Information Security Program (WISP) in compliance with federal and state requirements. Our safeguards include physical, electronic, and procedural protections to secure your information against unauthorized access, disclosure, or use. Access is restricted to employees and service providers who need to know the information to provide services.

 

Business Transfers

In the event of a potential sale, merger, or transfer of our business, we reserve the right to transfer information (including your personal information) to a successor entity, provided that entity agrees to maintain confidentiality protections consistent with this Notice.