The economic impact of the coronavirus pandemic has already begun to affect businesses and employees worldwide. During this uncertain time, travel insurance comparison site, Squaremouth.com, shares information about travel insurance coverage that can still be purchased to protect travelers vacation investments in the event that business closure or job duties impact their planned trip.
Cancellation Benefit May Protect Travelers If Suppliers Close
Record numbers of cruise and flight cancellations have prompted questions about the future of businesses within the travel industry.
Most travel insurance policies include a trip cancellation benefit called “Financial Default”. This is designed to possibly provide reimbursement if a travel supplier becomes insolvent. The Financial Default benefit may extend to airlines, cruise lines, and tour operators who are forced to file bankruptcy due to suspended travel.
15 providers on Squaremouth.com offer Financial Default cancellation coverage in their travel insurance policies. As of March 17th, this benefit can still be purchased for closures related to the coronavirus pandemic, however there may be policy limitations. Travelers can search for policies with Financial Default coverage on squaremouth.com here.
Travelers Having to Work May Be Covered to Cancel Trips
With an increasing number of businesses impacted by the pandemic, the ability to travel as planned may no longer be feasible.
Most travel insurance policies include some coverage for travelers who are now required to work, whose time off is revoked, who are self-employed, or who are laid off, and therefore unable to travel as planned. Travelers can look for policies with this cancellation coverage on squaremouth.com here.
It is important to note that if travelers have these concerns, a policy must be purchased before the business or employee is impacted in order to be eligible for coverage.
To keep travelers informed about their insurance options amidst the coronavirus pandemic, Squaremouth.com created The Traveler’s Guide to Travel Insurance for the Coronavirus Pandemic. This resource is updated daily as events unfold.