‘Cancel for Any Reason’ Travel Policies Offered in New York as Coronavirus Spreads
Six global and national insurance companies have agreed to offer ‘cancel for any reason’ travel policies in New York state as the coronavirus pandemic continues to spread.
The insurance companies offering this coverage include Allianz, Nationwide, Starr Indemnity, Berkshire, Crum & Forster and Zurich.
This comes after the New York State Department of Financial Services (DFS) received consumer complaints that these types of polices were not available in the state, according to a DFS press release. Many standard travel insurance policies do not cover trip interruption or cancellation for an epidemic, pandemic or similar public health event.
DFS clarified that ‘cancel for any reason’ policies are separate from standard travel insurance and should not be sold together per New York State Insurance Law. Coverage rates for this type of policy are higher than standard travel insurance and typically allow up to a 75 percent refund for traveler expenses. DFS urged New York state travel insurance issuers to reach out to insureds and let them know what is covered.
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