The reality is that the majority of travel insurance choices can reduce or even offset your travel insurance expenses. Whether it’s a few bucks a day or hundreds a year, without breaking the bank, you can increase your security.
In case of two main variables, your travel insurance will cover you. First, if you’re suffering a terrible injury while away, or worse — if you’re robbed or even kidnapped — your insurance will pay for medical bills (if you file a claim with your doctor). It will also reimburse your hotel for the costs of a rape kit or provide a scholarship to a university that your kid may attend.
However, in some cases when the total amount of insurance exceeds the insurance company’s maximum retention per person, they may require reinsurance. Usually this happens on a Business Travel plan where high limits are provided or when there is a combination with other policies such as Basic and Voluntary AD&D. Business Travel AD&D reinsurance may be attempted in some other instances to reinsure a part of the risk on a travel policy with some dangerous exposure or to reinsure that class of risk as a whole.
Business Travel AD&D insurance is provided on two bases:
- 24-Hour Business and Pleasure which is often requested for the executives of a company.
- Business Travel Only, which covers the insured from the time he/she leaves for such a trip until he/she returns.
- Type of coverage – Business travel only (BTO) or, 24 Hour.
- Number of lives exposed.
- Business Activities and occupation of the Insureds.
- Sums insured per life.
- Frequency of travel.
- Mode of transportation.
- Aggregate limit.
- Are there foreign residents, employees? If so, number, locations and periods of residence.
- Special hazards: war risk cover, owned/leased/chartered aircraft exposure.
Insurtech entrepreneur. Founder and CEO of systemsforenterprie.com
Experienced Business Developer with a demonstrated history in the insurance software industry. Serial architect of great teams and amazing team dynamics. Generalist with strong skills in: management, business planning, project management, behavioral economics, marketing strategy, training and public speaking. Master focused in Product Life-cycle Management. Digital transformation evangelist.