As you can imagine, my email is blowing up regarding the Corona Virus, now called COVID-19 and how Insurance Companies are handling this outbreak.
I spoke to one client who has planned a cruise for the end of the month and she wanted to know what it would cost to insure them for Out of Country Coverage as well as Trip Cancellation and Interruption Insurance. I have confirmed with Allianz that they will honour Trip Cancellation and Interruption Insurance as long as the area you are traveling to isn’t on the Trip Advisory website when you book the trip. Below is information off of Allianz’s website on what this insurance covers:
Trip cancellation is designed to cover your prepaid non-refundable trip investment in case you can’t take your trip due to a covered reason (e.g. sickness or injury of a family member, adverse weather conditions) listed in your travel insurance policy. On the other hand, trip interruption provides protection once you have already begun your travel. For example, if you have to cut your trip short or delay it past the expiry date of your policy for a covered reason listed in your policy, or you need to purchase reasonable necessities and toiletries because your baggage is delayed or lost, the trip interruption benefits will reimburse you for such costs up to a dollar amount limit.
Other Insurance Companies, such as Manulife are not taking any applications for new insurance if you have traveled to an area that the Government of Canada has posted warnings. This is from Manulife:
Manulife has implemented changes to underwriting travel for life, critical illness and disability insurance applications, based on the Government of Canada’s warning updates related to COVID-19. As you are aware, this is an evolving situation and our travel guidelines may change over the coming weeks depending on the degree of risk associated with various regions of the world as determined by the Canadian government travel warnings. A related story will be posted to Repsource March 6.
What are the changes?
Currently, we are postponing cases where travel to China, South Korea and Italy is planned in the near future with reconsideration after returning to Canada for one month, provided there have been no changes in health or other insurability.
We may ask additional questions related to travel in other regions. It would be beneficial to record planned travel location details (cities and / or regions) and timing on all applications going forward.
Our paramedical examiners are asking applicants about travel to high-risk countries and may postpone visits to collect medical evidence for two weeks if there has been recent travel. This may expand to other countries based on the risk determined by the service providers.
Working with a Broker who is following the issues, gives you, the Owner peace of mind. Contact Glendinning Insurance Services to find out how we can help you.