Travel insurer Seven Corners has started two new products tailored to vacations in the age of coronavirus: one policy specifically covers medical expenses incurred due to Covid-19 infection while traveling overseas, and another helps motorists as road trips replace flights and cruises as the preferred means of summer and fall travel.
“Travel trends, in general, have changed,” said Jeremy Murchland, president of the Indianapolis-based company, which sells both comprehensive travel insurance policies and medical coverage-only plans.
“A lot of people are electing to take road trips for the summer as opposed to air travel,” he added. “We also took the opportunity [of the pandemic] to develop a ‘plus’ line of travel insurance that provides a specific coverage for Covid-19.”
When pandemic lockdowns brought worldwide travel largely to a halt this spring, many travelers who had purchased trip insurance — whether itinerary cancellation coverage, a medical plan or a policy including both — found themselves unable get paid on Covid-19 claims.
“Some people bought insurance thinking they knew what it was, but then went to file a claim and realized they don’t have coverage,” said Murchland.
In fact, online trip insurance marketplace Squaremouth.com found that many providers stopped covering coronavirus-related losses as early as Jan. 21, when the Centers for Disease Control issued its first alert, according to spokesperson Kasara Barto. (Squaremouth.com offers policies from 31 providers, including Seven Corners.)
Read the full CNBC article online here: https://www.cnbc.com/2020/06/21/travel-insurer-launches-overseas-covid-19-domestic-road-trip-coverage.html