New cancellation product to help protect students studying abroad and overseas workers

Spanish-based Travelfine’s latest product, Cancellation Freedom, does exactly what it says on the tin: it gives insureds (as part of a group offering) cover for non-refundable expenses due to Covid-19 and its consequences related to the cancellation of the trip, as well as the study programmes and contracted work.

The product is available as a group offering to academies, schools and agencies specialised in language programs, studies, work or internships abroad.

Covers mandatory medical testing and visa processing fees

Cancellation Freedom covers the following risks, and they’re not all Covid-related:

• Cancellation of the trip due to a confirmed diagnosis of Covid-19 
• An inability to travel due to the closure of airspace or borders, as well as consulates or embassies and the suspension of visas
• Cancellation of employment contracts – as caused by the Covid-19 pandemic – by the company at destination
• Inability to travel due to the change in the dates of the academic year, exams or curricular practices

In addition, one of the named advantages for companies that opt for Travelfine’s latest offering is that it covers expenses such as immigration fees, mandatory medical tests and the costs of visa processing.

“Through the innovative insurance solution provided by Cancellation Freedom, these companies will be able to guarantee their clients a full refund of the cost of the contracted programmes, in the event of not being able to travel for any of the reasons defined in the conditions of the policy,” said company CEOs Antonio Platero and Carlos Prieto.

The cancellation cover trend continues

Platero added: “It is foreseeable that users will opt for those companies that, in addition to providing quality services, offer better cancellation policies.”

He’s certainly not wrong there. If the latest bout of new cancellation cover offerings are anything to go by, this is what the people want. Indeed, in a recent news analysis assessing the impact that Covid-19 has had on the travel insurance industry, Jason Schreier, CEO of April Travel Protection in the US, noted that interest and take-up rate on cancel for any reason (CFAR) upgrades had skyrocketed in recent times. “We’re now seeing this extremely expensive option on 60 to 75 per cent of the policies we sell,” he said.