One kind of coverage, typically offered as an upgrade to travel insurance policies called Cancel for Any Reason, or CFAR, allows travelers who don’t want to travel due to coronavirus fears to get some money back.
Up until recently, New Yorkers were not able to purchase CFAR insurance because of state insurance regulations.
But on Saturday the state’s Department of Financial Services issued new guidance allowing travel agents and travel insurers to offer CFAR contracts in New York, after the agency received consumer complaints that such polices were not available in the state.
According to the governor’s office, the following companies have agreed to offer Cancel for Any Reason coverage to travelers: Allianz Global Assistance, Nationwide, Starr Indemnity, Berkshire Hathaway Travel Protection, Crum & Forster, and Zurich Insurance Group.
And it’s possible that other insurers may also start loosening restrictions on travel claims related to coronavirus, said Kasara Barto, press manager at Squaremouth, a travel insurance comparison website. “Travel insurers respond to changing situations and may make changes based upon their customer’s concerns.”
She advises travelers to call insurers directly to ensure their policy includes what they think it does and to find out if there are any changes, updates or expansions to the policy.
Read the full CNN article online here: https://us.cnn.com/2020/03/10/success/travel-insurance-claims-change/index.html