OMAHA, Neb. – April 27, 2009– Protecting trip investments from the unexpected, including job loss, is more imperative now than ever. To ease many traveler’s concerns, Travelex Insurance Services has enhanced their job loss benefit. Combined with their other comprehensive benefits and financial strength, Travelex insurance plans provide travelers the security and peace of mind needed right now to keep America traveling.
Enhanced Job Loss Protection
Travelex has enhanced the covered reason under their trip cancellation and trip interruption benefit for job loss on all their core products. Employment with the same employer is now only required for ONE YEAR, instead of three, in order to qualify for this job loss benefit. This enhancement applies to new plans and plans already purchased for departures on or after March 1, 2009.
“This enhancement should boost traveler confidence and spending, which is good for the economy and the travel industry. With today’s uncertainties, some may be tempted to hold off planning their trip,” stated Michael J. Ambrose, President of Travelex Insurance Services. “For travelers, this just eliminates one more barrier from going ahead with booking the trip they have been planning.”
Coverage for Bankruptcy and Financial Default of Travel Supplier
In 2008 more than 26 airlines collapsed, as did several tour operators and cruise lines. Insurance plans through airlines, tour operators and cruise lines can be limited in coverage and may not cover losses should the vendor default. Travelers risk being stranded on the way to their destination or in the middle of their vacation and may need to make alternate and perhaps last-minute arrangements that can be very costly. Travelex’s core plans offer coverage for bankruptcy and default of a supplier while protecting travelers from the time they leave home until they return – including side excursions and medical expenses on or off a cruise ship.
Complete Financial Protection for Trip Investments
According to the U.S. Travel Insurance Association, about 30 percent of Americans purchase travel insurance. The top three reasons are: peace of mind, protection against the unexpected and concern over losing the financial investment in a trip.
With the mounting budget concerns and constraints travelers have today, fewer and fewer of them are willing to risk losing their trip investments due to the unexpected – whether that be from cancelling their trip, an emergency hospitalization or a missed connection. “Travelers appreciate the protection of their financial investment that Travelex provides both before and during their trip, and the peace of mind to continue traveling,” continued Ambrose.
Quality Insurance Carriers Rated A+ (Superior) from A.M. Best Co
According to A.M. Best, the underwriters of Travelex’s core products provide “a superior ability to meet their ongoing insurance obligations”. Ratings are based on comprehensive evaluation of a company’s balance sheet strength, operating performance and business profile. To learn more about A.M. Best Ratings or to view their Rating Guide, simply visit www.ambest.com.
Travelex delivers a wide range of travel insurance plans through travel agencies and tour operators, in major airports, online and over the phone by calling 1-800-228-9792. To learn more about Travelex, their insurance plans or their enhanced job loss benefit, visit their website at www.travelexinsurance.com.
About Travelex Insurance Services:
Travelex Insurance Services, headquartered in Omaha Nebraska, is one of the leading travel insurance businesses in the United States. The company was founded in 1996 when the Travelex Group purchased the travel insurance distribution services of the Mutual of Omaha Companies.
About the Travelex Group:
Travelex is the world’s foreign exchange and business payments specialist. The group is also one of the world’s leading providers of outsourced travel money to banks, travel agencies and other financial institutions. The group serves businesses and individual travelers through nearly 700 banks, stores, malls and airports in four regions: the Americas; United Kingdom; Europe, Middle East and Africa; and Asia Pacific. For more information, visit .