In these recession-hit uncertain times, when travel across the globe has become necessary to save your business, trip cancellation insurance can save the day, and huge costs too! Let’s say that Chris, a small business owner, needed to travel from the U.S. to Mumbai on 27 Nov 2008 for an important business meeting, crucial to his company’s growth plans.
Unfortunately, the previous day saw terrorists attacking a prominent hotel and other places in Mumbai, and India was on tenterhooks. All the airline tickets for Chris and his colleagues had to be cancelled (which were non-refundable), leaving him with a huge cost burden.
Had he taken trip cancellation insurance which covers, among other things, terrorist incidents at a city in your travel itinerary, Chris would have been a happier and richer man. It is important to take trip cancellation policy as close to the travel date as possible as there is a maximum duration for this policy.
Also a point to remember is to note that different companies offer different durations of policies. In most policies, the term, ‘terrorist attack’ does not include general civil disturbance, rioting, an act of war (declared or undeclared), or the intentional release of biological material.