Travel insurance

By Lisa Conway

Skål International New York

As travel returns to 2019 levels, travel insurance has become a 'must have' giving you and your clients the peace of mind they need to get back out in the world and could provide an additional revenue source for your business.

But how do you choose the best insurance out there, especially with many destinations now requiring travel insurance to enter?

First, make sure the policy covers medical expenses, quarantine expenses and emergency medical transportation (evacuation) coverage if you or your clients get COVID while traveling. Consider the medical care costs of your destination country when choosing your benefit limits. For example: the US has very high medical costs. You would want at minimum $100,000 USD of medical expense coverage.

Secondly, check your cancellation and refund policies. Trip Cancellation is important if you have any prepaid and non-refundable expenses. Make sure your trip cancellation coverage allows you to receive reimbursement if you get sick with COVID before departure.

Thirdly, if you are worried about getting COVID while traveling, you may want to consider Trip Interruption/Curtailment which is important if you need to return home early as it pays for additional transportation costs to get you home plus unused arrangements.

Finally, at least in the US, Cancel for Any Reason is a popular benefit in uncertain times and highly recommended. It only reimburses a portion of your trip cost, but that’s better than nothing!

Note: Just like other insurance, Travel insurance doesn’t cover everything. Read your policy carefully. Each country has different regulations surrounding travel insurance. Benefits described above may not be available to you or your clients depending on your residence country. Please contact your local travel insurance provider with specific questions or concerns.