It is highly recommended that any Expat whose business involves overseas travel, should effect a Corporate Travel Insurance Policy.
A Corporate Travel Policy will provide coverage for overseas trips up to a duration of 26 weeks.
The scope of cover provided under this type of policy include Medical Expenses, Death & Capital Benefits, Loss or damage to Baggage, Electronic Equipment, Loss of Credit Cards, Theft of Money, Hire Car Excess Expenses, Loss of Deposits and Cancellation Charges, Kidnap, Extortion and Ransom.
Below are actual case studies of recent Medical Expenses Travel Insurance losses incurred whilst claimants were overseas. This reinforces the absolute necessity to protect yourself and your business from these exposures whilst undertaking business and associated leisure travel.
David (an Australian Resident) was insured under a Corporate Travel Insurance Policy while he was on a short-term working assignment in the Solomon Islands. On 12/09/2017 he started feeling unwell with abdominal pain and presented himself to a local clinic.
Provisional diagnosis was infectious Gastroenteritis, acute abdominal rupture and appendicitis. There were no clinics available for the claimant to undergo diagnostic imaging and hence he was placed in an air ambulance and evacuated back to Australia. The total amount of the claim was $57,527.37.
Edward attended an international business conference in the Philippines. At the conclusion of the conference he stayed on for an additional week’s holiday.
During that holiday he was struck by a motorcycle and sustained multiple soft tissue and musculoskeletal injuries including left clavicle fracture, multiple fractures to left and right ribs, crush fracture of the 12th thoracic vertebrae and right shoulder ligament ruptures. The total amount of the claim was $23,428.57.
Gerard, a 73-year-old director of an IT company, planned a 6-week overseas trip with his wife, to the USA commencing June 2017. Unbeknown to him, at the time of embarking on the journey, he was developing what would become a significant cardiac infection – “bacterial endocarditis”.
By the time he landed in the USA his cardiac symptoms fully manifested resulting in cardiac infection, multiple body organ sepsis and several strokes secondary to the above.
Gerard was admitted to high dependency specialist care. The claimant’s wife and Insurers were advised that Gerard most likely would not survive. Gerard was transferred to palliative care where he eventually passed away some two months later. The total amount of the claim was $1,300,000.
Although this case had a sad outcome, it highlights the importance of having travel insurance to protect against what can be substantial and significant costs.
By: Michael McMahon
Gibson Insurance Brokers