Corporate Travel Insurance For Bands and Business Related Travel
CORPORATE TRAVEL Insurance is a policy taken out by bands and businesses to cover all business and related leisure travel for directors, executives and employees and their accompanying spouse or partner and dependent children.
Cover is provided for expenses for lost baggage, overseas medical expenses, money, personal accident benefits, loss of deposits, emergency medical evacuation, flight cancellations rental vehicle collision or theft excess payments, which are just a few of the common costs that companies can face when their employees are on business trips.
Policy takes effect when the Insured Persons are 100 or more kilometres from their home. However, policies can also be restricted to overseas only or interstate and overseas only travel.
The policy will provide cover for equipment Worldwide (excluding certain countries)*
Corporate Travel Definitions
Definition of an "Insured Trip"
The Definition of an "Insured Trip" is any Journey which:
- Commences during the Period of Insurance; and
- Is undertaken on Your behalf for a business purpose; and
- is authorised by you;
- begins and ends in country of residence;
A journey commences at the time the insured person leaves their normal place of residence or work, whichever is the place of departure for the journey, and ends at the time the insured person returns to the insured person’s normal residence or normal place of work, whichever occurs first. A journey includes associated holiday travel for all insured persons and overseas leisure travel for your directors, chief financial officer, chief executive officer, chief operating officer, company secretary and accompanying spouse and dependent children.
A Journey does not include any normal commutation travel between the Insured Person’s normal residence and normal place of work;
Trips Exceeding 180 Consecutive Days NOT COVERED
At present your policy limits cover to overseas trips with a duration of less than 180 consecutive days. If any of the Insured persons intend to be away from their Australian residence for more than 180 consecutive days then these extended trips will not be covered by the current policy UNLESS you declare those trips and the Insured agrees to extend the policy to cover them. Please also note that additional EXPAT MEDICAL INSURANCE may be required for persons who intend to remain overseas for more than 180 consecutive days.
Who is deemed an Insured Person
This policy is designed to cover travel by all Directors, Executives, and Employees of the Policyholder including accompanying Spouse/Partners and their Dependent Children.
Trips by contracted crew members working on behalf of the Policyholder can also covered by this policy providing those trips are included in the "estimated trips" declared above.
Medical Expense Incurred in Australia
The Policy will not pay medical expenses incurred in respect of the rendering in Australia of a professional service for which a Medicare benefit is payable.
This insurance provides cover for associated leisure/holiday travel taken in conjunction with a business trip.
This insurance provides cover for pure leisure/holiday travel taken by directors (and their accompanying partners and dependent children) for interstate and overseas trips only. Pure leisure/holiday intrastate trips are NOT covered by this policy (that is holiday trips taken within the state you live in).
If you have any further questions on the above matters, please contact our office.
We look forward to receiving your updated renewal information so we can negotiate renewal terms with the Insurer.
COVID and Travel Insurance
When considering the purchase of a travel insurance policy, you need to consider whether the policy includes cover for COVID related claims or whether this is excluded.
The reason why Insurers exclude COVID related travel insurance claims is due to the fact that it is considered a “known risk” and Insurers will generally not provide insurance coverage for risks that are known.
Some Travel Insurance policies exclude all claims relating to COVID, whereas other policies may exclude COVID claims on certain sections of the policy, such as Travel Cancellation, but may provide some coverage for unforeseen overseas medical costs if you contract COVID whilst on an overseas trip.
The cost of hotel quarantine is also not insurable under a travel insurance policy.
Insurers’ policies will vary and we encourage that you contact our office to discuss the above if you have any questions.”