What Have Major Insurers Done When Cruise Cancelled (Covid) - Insurance Premiums

[EdASRQ]

I am researching buying cruise on my own versus the insurance proposed (Allianz) by our travel agent; for a group of 200+. I can save $15, with better coverage buying my own (AIG). The Medical and Evacuation components being the significant concern.

A "promotional statement" by the travel agent is that Allianz refunded everyone's insurance premiums when NCL cancelled our cruise in 2020. Hence, I wonder what AIG was doing with Covid related cancellations. If the same thing, then the statement is not a plus.

Follow up question. Might I consider staying with the group's insurance company? Something tells me the travel agent would be an advocate for me (I hope) if a claim was needed and there was some gray areas in dispute. The would be worth the extra $15.

Your thoughts?

Edited April 18, 2022 by EdASRQ

[klfrodo]

 a couple of thoughts.

My 3rd party company that I went thru (TravelSafe which I purchased from Steve at TripInsuranceStore.Com), allowed me to transfer the policy to a different trip. They did not refund, but the policy was not voided.

 

I would imagine that you really should compare what the TA is selling you vs what coverage you could get at better pricing. Also note that in my experience only, TA's make a huge commission off of selling Travel Insurance while at the same time not having a clue what's in the coverage or having the ability to assist when the crap hits the fan.

 

My advice, negotiate with a broker who deals with travel insurance all the time.

[EdASRQ]

Thanks.

 

Transferring is as good as a refund in my book. Good to know.

 

I wondered how much of a commission the TA's make - you are cluing me into it being more than I imagine. I do know our TA advocated for some friends a number of years ago when they filed a claim.

 

BTW - And, for the benefit of anyone reading this who has not researched insurance - I do compare most of the items of the coverage. Medical and whether Primary or Secondary), Evacuation, Cancellation, Trip Delay, Baggage. AM Best Rating, Pre-Existing Condition parameters.

[iamtrustworthy]

On 4/17/2022 at 9:32 PM, EdASRQ said:

I am researching buying cruise on my own versus the insurance proposed (Allianz) by our travel agent; for a group of 200+. I can save $15, with better coverage buying my own (AIG). The Medical and Evacuation components being the significant concern.

A "promotional statement" by the travel agent is that Allianz refunded everyone's insurance premiums when NCL cancelled our cruise in 2020. Hence, I wonder what AIG was doing with Covid related cancellations. If the same thing, then the statement is not a plus.

Follow up question. Might I consider staying with the group's insurance company? Something tells me the travel agent would be an advocate for me (I hope) if a claim was needed and there was some gray areas in dispute. The would be worth the extra $15.

Your thoughts?

Hi EdASRQ,

 

> Something tells me the travel agent would be an advocate for me (I hope) if a claim was needed and there was some gray areas in dispute.

 

I suggest you ask the TA directly and clearly if they would be an advocate for you in a claim.

 

We help everyone with claims, but about 8-10 years ago, I started seeing agents and my competitors stop helping with claims. Now, it's rare to find an agent that will help.

 

Steve Dasseos

 

 

[Philob]

On 4/23/2022 at 1:34 PM, iamtrustworthy said:

We help everyone with claims, but about 8-10 years ago, I started seeing agents and my competitors stop helping with claims. Now, it's rare to find an agent that will help.

 

Steve Dasseos

That's about the time, if not earlier, insurance companies started to subrogate claims against their own agents for say'n things.

[iamtrustworthy]

18 hours ago, Philob said:

That's about the time, if not earlier, insurance companies started to subrogate claims against their own agents for say'n things.

Hi Philob,

 

Will you give me specific details of this? I have never seen nor heard of what you said.

 

Steve Dasseos

[Philob]

More of a P&C thing, but over the past 20 years almost every E&O workshop I attended will have a segment about carriers suing their own agents.

 

Usually its after a carrier is made to pay a claim that they didn't think they should have. Avenues they look into is if the agent: improperly bound or issued an incorrect binder/endorsement/certificate of insurance, agent not disclosing additional or new hazards that would have had the carrier  "re-underwrite" the risk. Misrepresented the carriers coverage in agency brochures, website, social media, etc. That's in addition to trust account issues.

 

Carriers are also advising or warning agents (I'm talking about you "on your side") not to get into the claims process and refer the insured to the 800# or website.

 

A TiredAgent

Edited April 26, 2022 by Philob

[iamtrustworthy]

On 4/26/2022 at 5:18 PM, Philob said:

More of a P&C thing, but over the past 20 years almost every E&O workshop I attended will have a segment about carriers suing their own agents.

 

Usually its after a carrier is made to pay a claim that they didn't think they should have. Avenues they look into is if the agent: improperly bound or issued an incorrect binder/endorsement/certificate of insurance, agent not disclosing additional or new hazards that would have had the carrier  "re-underwrite" the risk. Misrepresented the carriers coverage in agency brochures, website, social media, etc. That's in addition to trust account issues.

 

Carriers are also advising or warning agents (I'm talking about you "on your side") not to get into the claims process and refer the insured to the 800# or website.

 

A TiredAgent

Hi Philob,

 

Yes, I've heard of the same thing on the P& C side, but never in relation to travel insurance.

 

I don't know why travel agents and my competitors stopped helping with claims, but I suspect that they don't want to be bothered with much post-sale service. I think it's a bad way of doing business since whoever sold the travel insurance received a commission on it and I believe the agent is morally responsible to help with their customers' claims.

 

Steve Dasseos

Edited May 2, 2022 by iamtrustworthy
typo