Two articles today, both discussing changes in the travel insurance business. In the aftermath of US weather woes such as hurricanes Katrina and Rita, and even the tsunami in Asia, travel insurance companies are making changes that truely benefit the customer.
First, from the Mercury News, an overview of new types of policies being offered by different companies, and the helpful benefits they feature. They include:
- Cancel for any reason clauses
- Customized policies, pick and choose your coverage
- Work-related cancellation (i.e.,boss made me work)
- Specialized coverage (greens fees for golfers, kennel fees for pet owners)
The second article, from the Hartford Courant, discusses mostly weather-related changes, including:
- Hurricane warning in destination city (as opposed to named hurricane only)
- Uninhabitable locales (i.e., your hotel heavily damaged, no utilities)
- Change fees (i.e., after Katrina, many travalers had to change cruise plans, and pay a fee)
These changes make travel insurance a better buy for travalers, giving them more coverage and better protection for their vacation
It’s good to see travel insurance companies listening to customers and making changes that benefit them. This added coverage will help more travelers cover the expense of cancelled vacations.