COVID-19 Travel Cancellation Insurance Now Available for Corporate Travellers

COVID-19 Travel Cancellation Insurance Now Available for Corporate Travellers

With the gradual nationwide easing of lockdowns and travel restrictions, more and more Australians are now travelling interstate and overseas for work and business.

That being said, however, the effects of COVID-19 are still being felt worldwide. New COVID-19 variants, and the way governments around the world are managing them, are still affecting the way we travel.

If you or your employees need to travel for work or business, there's some good news: we can now help you insure your travels against cancellations associated with COVID-19.

Since March 2020, corporate travel insurers have excluded large parts of coverage for claims arising from COVID-19, in particular costs and expenses associated with trip cancellation. Whilst some Corporate or Expat Travel Insurance providers did extend some coverage such as medical and evacuation expenses, cancellation losses up until recently have not been covered.

Now, insurers have extended their travel insurance policies to include COVID-19 cancellation cover. But it isn't automatic and at this point in time will require working with your business insurance broker to include COVID-19 Insurance in your travel insurance policy.

We can help you access COVID-19 Travel Insurance cover for the following:

Pre-departure

  • Loss of deposits
  • Non-refundable flight and accommodation expenses

While travelling:

  • Loss of depositions
  • Additional and/or forfeited expenses
  • Medical expenses
  • Emergency evacuation
  • Repatriation of mortal remains
  • Weekly sickness benefits
  • Funeral expenses

Note that this is a broad list of available cover - your cover will be dependent on your situation and needs.

For example, if you are the insured and are diagnosed with COVID-19, you can be covered for non-refundable flight and accommodation expenses as well as loss of deposits. On the other hand, there is currently no cover available if you have to cancel your trip as a result of borders closing at your travel destination.

 

How COVID-19 Travel Cancellation Insurance can cover you for various scenarios:

 

covid 19 insurance ahi coverage

Source: AHI

Contact us if you would like to sign up for COVID-19 Travel Cancellation Insurance cover or have any further questions about this policy.

 


Important Disclaimer - Crucial Insurance and Risk Advisors Pty Ltd ABN 93 166 630 511. This article provides information rather than financial product or other advice. The content of this article, including any information contained on it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.

Information is current as at the date articles are written as specified within them but is subject to change. Crucial Insurance, its subsidiaries and its associates make no representation as to the accuracy or completeness of the information.  All information is subject to copyright and may not be reproduced without the prior written consent of Crucial Insurance.

This article originally appeared on Crucial Insights and has been published here with permission.

Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Tony Venning.

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Tony Venning

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