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Travelex Updates Job Loss ProtectionsApril 28, 2009 By: George Dooley
Travelex Insurance, in response to their customer concerns about the economy, has updated their job loss protections offered in their travel insurance programs. Instead of having to work at a job for three years, travelers only have to be at their current job for a year. This cuts across all of their main product lines.
Travelex has enhanced the covered reason under their trip cancellation and trip interruption benefit for job loss on all their core products. The enhancement applies to new plans and plans already purchased for departures on or after March 1, 2009.
Travelex also offers coverage for bankruptcy and financial default of travel suppliers. “In 2008 more than 26 airlines collapsed, as did several tour operators and cruise lines," Travelex said in a statement. "Insurance plans through airlines, tour operators and cruise lines can be limited in coverage and may not cover losses should the vendor default. Travelers risk being stranded on the way to their destination or in the middle of their vacation and may need to make alternate and perhaps last-minute arrangements that can be very costly.”
Travelex’s core plans offer coverage for bankruptcy and default of a supplier while protecting travelers from the time they leave home until they return - including side excursions and medical expenses on or off a cruise ship.