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Insurance covers hijacks

CGU Travel Insurance recently released a new corporate travel insurance policy.

Key benefits of the CGU corporate travel package include cash benefit following accidental death or serious permanent injury to staff as a result of an accident occurring during a journey, and monthly income for temporary total or partial disablement if staff are unable to work on their return to Australia.

In addition to cover for overseas medical treatment and additional expenses, an allowance of $100 per day is provided while in hospital as result of sickness, injury or disease.

The package covers staff, their spouses and dependent children up to the age of 21 years for their leisure travel which forms part of a business trip.

The ‘replacement executive’ clause covers situations where staff become disabled. The reasonable cost of travelling expenses and hotel accommodation of replacement staff necessary to complete the purpose of the journey is covered.

AFTA Travel Insurance manager Steve Massey said policy clauses covering hijacking, kidnapping and ransom were a “sign of the times.”

“People are more attuned these days to hazardous circumstances overseas,” Mr Massey said.

“Executives frequenting South American countries like Peru are aware of the risks associated with travel in these politically and socially tumultuous areas.

“I heard a story recently of a pair of executives travelling through North America. They bought some precious stones, stopped for a coffee and woke up three days later in hospital. They had been robbed but thankfully nothing worse had happened to them.”

An outstanding feature of the new CGU corporate travel policy is a rebate at the end of the year which takes into account any discrepancy between the original estimate and actual journeys undertaken.

“This means you only pay for the cover you’ve received,” Mr Massey said.

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