Travelex coverage for Trip Cancellation / Interruption benefits regarding job termination, layoff, etc.
This article was reproduced from Travelex’s newsletter.
In ‘Plane’ Language
Trip Cancellation / Interruption benefits regarding job termination, layoff, etc.
Plane Language:
In this economy and with many employment concerns, Travelex insurance plans protect against employment termination, layoffs,
transfers, mergers and acquisitions.Please see applicable policy language below.
Travel Basic, Travel Select and Travel Max:
Term: Employment Termination / Transfer
Benefit: The Company will pay a benefit, up to the maximum shown on the Confirmation of Coverage, if You are prevented from taking or unable to continue Your Covered Trip due to:
- A transfer of You by the employer with whom You are employed on the Effective Date that requires Your principal residence to be relocated.
- You are terminated, or laid off from employment subject to three (3) years of continuous employment at the place of employment where terminated.
- Travel Max and Travel Select’s Professional Pak Upgrade: You or Your Traveling Companion’s company being directly involved in a merger, acquisition, government required product recall or bankruptcy proceedings.
TraveLite and Travel Plus
Term: Employer Termination or Layoff
Benefit: You are covered for the amount purchased for Published Penalties and unused non-refundable prepaid expenses for travel Arrangements, whenever You are prevented from taking a Covered Trip for any of the following reasons that occur after the Effective Date of Your Protection Plan:
- Employer termination or layoff, through no fault of Yours, affecting You or a person(s) sharing the same room.Employment must have been with the same employer for at least three (3) consecutive years.
- TraveLite and Travel Plus Business Upgrade: Direct involvement in an acquisition or merger by Your/Their employer, provided You/They are an active full-time employee of You/Their employer at the time of such an acquisition or merger.
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