What is trip cancellation and interruption insurance?
Trip cancellation and interruption insurance, also known as just trip cancellation insurance, is an insurance policy that protects your investment if your trip is cancelled or interrupted. It is geared toward extravagant and luxury vacations. While trip cancellation includes medical coverage, it differs from travel insurance, which provides international medical insurance coverage for when you are traveling abroad, outside of your home country.
What is the difference between trip cancellation and yacht charter cancellation?
Trip cancellation and interruption insurance, and yacht charter cancellation insurance are the same thing. It just happens to be that yacht charter cancellation insurance is designed to offer coverage for yacht charterers, so the policy will behave the same way as a trip cancellation policy.
What is covered by trip cancellation and interruption insurance?
A good trip cancellation insurance plan should protect you from many issues that may come up causing you to cancel your plans or if your trip is interrupted. Examples of items typically covered by a good trip cancellation insurance policy include:
· Sickness, injury or death of insured, a family member, a travel companion, a business partner, or a child caregiver
· Primary residence or destination being rendered uninhabitable
· Documented theft of passports/visas
· Involved in a merger, job loss or job relocation
· Documented traffic accident
· Inclement weather that causes cessation of services provided by your common carrier
· Mechanical breakdown of the common carrier
· Evacuations due to natural disasters
· Emergency military duty for national disaster
· A terrorist incident
· NOAA hurricane warning at destination
· Court order to appear as a witness
· Jury duty
Why you need trip cancellation insurance
The cost of vacations is going up, as people continue to plan trips and get out of their routines after being on “lockdown” for the past couple years. In a recent Forbes article, Adobe Analytics was quoted that, “Prices have risen a staggering 47% since January,” in terms of airfare alone. Not only are prices going up due to a number of reasons, but people are also willingly spending more on vacations since they haven’t been able to go anywhere. Which means, potentially more money to lose if something gets in the way of your plans!
Plan for what’s not on the itinerary. Life is unpredictable and plans often change. One of the basic issues that insurance protects us against is the fact that life is unpredictable. So, while you may not be able to prevent a situation from happening, you can prevent an issue from becoming a worst-case scenario. For more information on the different types of coverage that trip cancellation insurance offers, contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.