Group Travel Insurance
A group travel policy offers coverage and protection to anyone travelling from that organization on a business trip or an official trip. It is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically. Basic policies generally only cover emergency medical expenses while overseas, while comprehensive policies typically include coverage for trip cancellation, lost luggage, flight delays, public liability, and other expenses. The Policy generally opts for the corporates where the employees travel regularly where it’s not only convenient but economical too. The Insured pays a Lump sum amount at the beginning of the policy and the amount is deducted based on the declaration submitted by the company for a number of days the employees travelled.
Coverage
This insurance covers sudden, unforeseen and accidental loss or damage other equipment caused by :
>> Trip cancellation: Trip cancellation insurance (sometimes known as trip interruption insurance or trip delay insurance) covers you in the event that you or your traveling companions need to cancel, interrupt or delay your trip.
>> Medical Emergencies: In the event of minor injury or illness overseas, medical benefits offer coverage for visits to general practitioners, medicine, ambulance fees, and limited dentistry benefits.
>> Major medical: These types of insurance provide medical protection if the policyholder becomes ill or is injured while traveling.
>> Medical evacuation: This type of insurance provides coverage for medically necessary evacuation and transportation to medical facilities.
>> Accidental death/flight accident: These types of insurance pay benefits to a. traveler are surviving beneficiaries, as with life insurance. Benefits are paid out in the event of an accident resulting in death or serious injury to the traveler
>> Lost luggage, stolen luggage: Luggage benefits cover for loss, damage or theft of personal effects during your journey, including passports and other travel documents. It may also include limited benefits for theft of cash
>> Loss of Passport: A passport loss cover is a benefit included that covers expenses of getting a temporary passport and getting a new one made in case you lose your passport while you're on vacation.
GROUPS WHICH CAN BUY A GROUP TRAVEL INSURANCE
There are several groups eligible for a group travel plan in India, and they include:
School trips - When schools organise trips for their students, a group travel policy covers the students in case of accidents or other contingencies. The policy can be bought for both leisure and education-oriented trips.
Club members trips - Picnics, overnight stays or a sightseeing tour are some of the group plans to be covered when members of a club travel together.
Trips of Recognised associations' members - Leisure or work-related trips organized by recognised association for their members can be covered by a group travel plan.
Travel agents taking groups on a travel package - Tourists travelling together with a travel agent/package can be insured under this plan.
Family members going on a family holiday - Extended family going away for a special event or a holiday can buy a group travel plan for themselves.
Employer buying a group policy for his travelling employees - Under these plans, the company buys a group travel policy for its employees who travel frequently for business purposes. Annual multi-trip policies are generally issued in this case though a single trip group travel policy is available if employees would be travelling together on a single trip.
MAJOR EXCLUSIONS
• Pre-existing Health Conditions: Pre-existing health conditions are not covered.
• Accident due to hazardous sports: Hazardous sports such as bungee jumping, deep-sea diving, parasailing etc. are not covered.
• Visiting dangerous sports: Insurance companies do not cover for any accident or even death at dangerous spots.
• Situation of self-Harm: You will not be eligible for insurance, if the any emergency is caused due to attempt to commit suicide.
• Act of God: Travel Insurance does not cover you against injuries or losses due to natural calamities.
The policy can be taken by any individual or organization who own the equipment.
This is an annual policy i.e for 12 months
The
Sum Insured under the EEI Policy should represent the New replacement value of
the Equipment
No.
Instalment facility is not available as this is an annual policy.
Duly filled proposal form providing details of equipment, sum insured, location and add on covers required is to be submitted.
No. But it can be insured under separate Special contingency policy.
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Heading Electronic Equipment Insurance:
Detail Electronic Equipment Insurance
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CLAIM PROCESS:
>> Inform the insurance company with a rough estimate of the loss as early as possible.
>> Take all steps within your power to minimize the extent of the loss or damage
>> Preserve the parts affected and make them available for inspection by a representative Or Surveyor Deputed by Insurer
>> Furnish All Such Information and Documentary Evidence As the Insurer May Require