The need for quality travel insurance
In this case, the injured girl’s mother relied on the free travel insurance provided with her credit card and has now found that it does not cover the $60,000 medical bill that has been incurred so far.
While I appreciate that many who read my blog are in the insurance industry I post this entry in the hope it may prompt you to discuss this with your clients, friends and family.
Those in business should seriously consider a quality corporate travel insurance product with a reputable insurer. The cost of this product, which is a tax deduction is really quite inexpensive and would have addressed this situation. Other benefits include a 24 hour 7 day emergency hot line for medical advice, cover for emergency evacuation as well as cover for baggage and personal effects including electronic equipment.
When you are out of your normal element, perhaps a bit more relaxed, things can and do happen. Despite being a seasoned traveller I shook hands with a friendly chap who stopped to speak to me briefly early one morning while I was outside my hotel room in Florence. As he walked off I felt a bit uncomfortable and on checking for my hotel key, wallet etc, I felt for my watch and found it was gone. The exchange was but a few seconds and of course neither he nor the watch was ever to be seen again. The watch was a gift from my family at the time of my graduation with my doctorate and while the sentiment could not be replaced I was able to replace the watch thanks to insurance.
I find my policy covers itself as the corporate travel policy I have through my broker provides cover for the collision waiver (policy excess) on hire cars. The saving in not having to pay the $20 odd a day to remove the now up to $5,000 excess more than covers the cost of the policy.
If a corporate travel policy is not available to you there are still excellent covers available either through your insurance broker or travel agent. Always take the time to read the policy and ensure that you have made a full disclosure on any prior illnesses or injuries as asked for in the proposal.
Having the peace of mind of being backed up by travel insurance allows me to at least not have to worry about one thing while travelling.
As an aside, if you are travelling to the Northern Territory and looking for something for your scrap book, you can purchase Crocidile Attack Insurance for around $12.50 which provides $50,000 death cover. President Obama is being provided this cover during his upcoming trip to the Darwin. You can get your own from any TIO office.
Disclaimer: This post has been prepared as a guide and is not intended to exhaustive. While
the utmost care has been taken in the preparation of the article, it should not be used or relied upon as a substitute for detailed advice or as a basis for making a business, financial or insurance decision.