This article was reproduced from a TravelSafe newsletter.
Unemployment and Travel
According to Business Week, we’ve entered a rather unique time for unemployment figures. They write, “As U.S. jobs disappear at a rapid clip, the official unemployment figure seems understated. While November’s 6.7% rate is a full 2% higher than the same time last year, the rate remains well below the 10.8% postwar peak, reached in November 1982.” Fortunately for us, while the travel business is not immune to the effects of economic downturns, statistically, we’re one of the most resilient industries in the world today. Despite economic challenges, travel agents continue to be busy with travel planning for clients that just need to step away from reality for a while.
TravelSafe Insurance has always been very proactive at protecting travelers from an unforeseen job termination. On select policies, your clients’ involuntary termination of employment or layoff which occurs more than 30 days after their effective date of coverage is all within the boundaries of the policy. Now, the termination/layoff has to be a situation not under their control – in other words, they just can’t go in and quit and expect to be taken care of by this provision (See Cancel for any Reason benefit).
They must also have been continuously employed with the same employer for two years prior to the termination of layoff. Note that this provision is not applicable to temporary employment, independent contractors or self-employed persons.
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