The Coronavirus epidemic has left many people worried across the globe as the virus still does not have a prescribed treatment or a vaccine. Due to such concerns, many people are also avoiding to travel. So far the travel, insurance was not of any help in terms of coronavirus, but now many of the insurers and state regulators have now decided to soothe the frustrations of the travelers, who are facing strict restrictions over travel claims. Allianz Travel Insurance, is one of the largest insurance providers and is allowing people claims over the medical care over coronavirus and trip cancellations issues as well.
The travelers who have purchased the Emergency Medical Care and the Emergency Medical Transportation insurance plans will not be able to receive care if they get infected with coronavirus when they are travelling. People who have trip Interruption or Trip cancellation covered, can cancel their trip if they fall ill due to the virus before or during the trip. There will also be an additional benefit for those to have bought tickets to China, South Korea or the Veneto or Lombardy regions of Italy.
The coverage will be applied for the travel that departs before April 1, 2020. Mike Nelson, the CEO of the Global Travel Insurance at Allianz Partners released a statement which said that it is a tough time for the travelers as well as the travel industry. Nelson added that by taking such measures they are trying their best to support their customers in a meaningful way. There is a kind of coverage that offers the insured an upgrade to travel insurance policies that is known as Cancel for Any Reason also known as CFAR, this allows travelers who do not want to travel due to fear of the virus and get some of their money back.
So far the people in New York were not able to buy the CFAR insurance due to the state insurance regulations.
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