How to Avoid the Common Pitfalls When Purchasing Travel Insurance

Ciara Kennedy – MKIG

It’s that time of year again. We’re all trying to grasp a bit of sunshine and thoughts of holidays abroad fill our minds. Questions like cityscape or relaxing beach? Which bikini/mankini to pack? How many weeks left to lose that ‘holiday weight’ that just won’t shift. But as we’re frantically searching for the best deal a lot of us tend to forget the most important task of all, booking your Travel insurance.

Yes, yes we know it’s not the most glamorous of tasks but consider the consequences of not purchasing. If you are anything like me Travel Insurance is just as important as those flip flops and sun hat. I haven’t exactly had the best experience when it comes to travelling. Whether it’s an airline “misplacing” my baggage, sometimes temporary and other times permanently! Or a cantankerous volcano erupting, forcing me to extend my holiday in Australia for a further 2 weeks (not a bad complaint really).

You might think that my ‘love’ of Travel Insurance comes from having an Insurance Broker as a Father, but if the above situations taught me anything, it was this:

 

Fail to Prepare. Prepare to Fail.

 

Needless to say, nowadays, I would not rest easy without my trusty Travel insurance policy.

From my own experience, attempting to sift through the different policies can be a nightmare and definitely not something most people look forward to. I have heard too many stories of clients purchasing travel insurance online and ticking “yes” to the terms/conditions assumptions, only to find out at claims stage they weren’t compliant at the purchase stage. I’ve compiled a list of some of the main issues that customers find a little confusing when purchasing Travel Insurance to help ease the process.

 

Are you resident in Ireland?

This might seem obvious but you’d be surprised how many people try to buy Travel Insurance in Ireland who do not live in Ireland! You can’t! You can only buy here if you live here. This even extends to Irish citizens living abroad.

 

Trips that have already begun.

If you’ve left the country too bad! If you’re in the airport at the boarding gate we can still cover you! We’re pretty awesome like that.

 

Trips not starting and ending in Ireland.

Believe it or not most policies will only cover holidays which start and end with you leaving/returning to your home address.

 

Holidays within Ireland

Some policies cover holidays within Ireland but generally will define a holiday as “2 or more consecutive nights”. You would need to check the policy wording to see if Ireland is covered.

 

Do you have Private Medical Insurance?

It might cover travel and you might also be eligible for a discount from your Travel Insurer! If you don’t make sure to tell the insurer. The last thing you need is, at claim stage for them to tell you they won’t pay out unless you’ve PMI (Private Medical Insurance).

 

Do you or your travel companion suffer from any pre-existing medical conditions?

If you do TELL THEM! There is an onus on you to disclose any condition to your insurer. This includes inception AND renewal dates.

 

Will you travel more than twice during the year?

Normally I would recommend an annual policy to a client who will travel on 2 or more holidays per year. Otherwise, purchase the single trip policy. It can work out more economical as, depending on the insurer they will let you upgrade your policy to an annual policy if the single trip policy hasn’t started.

 

Travelling to countries where vaccinations are required.

Be smart. Get those vaccinations! Otherwise your cover could be invalid.

 

Failure to contact the insurance company in time.

This is a tricky one. If something happens to you on holiday then you must contact your insurer. Most insurers have an English Speaking 24 hour helpline that clients can call.

 

Failure to keep receipts/make a report with relevant authorities.

In order to process a claim, the insurance company will need at minimum a paper trail so keep all those receipts.

 

Engaging in activities abroad.

Planning on jumping out of a plane or swimming with sharks? I think your insurer would like to know that! Make sure your policy covers these extra activities. Also if you plan on working abroad make sure to tell your insurer.

 

Travelling for longer than 30 days in one trip.

Find out how your insurer defines a single trip. If needed you can extend a single trip policy. Most insurers would be flexible to comply with the request to ensure the client is covered until their return (within reason!)

 

Cover for a family member or friend to travel home with you.

Did you know that most policies would cover the expense of flying a family member/friend out to a client who is sick or injured to have them travel home together?

Similarly, if the client is too ill or requires constant medical care, insurers may provide the cost to have a nurse travel with the client until they arrive in Ireland.

 

Discounts for removing “extras”.

Some insurers give a discount for removing certain policy benefits, eg. baggage or money. This may suit some clients where they are travelling with minimal luggage and are happy to pay for any incidents which may arise out of their own pocket.

 

To surmise MKIG can do all the leg work for you! We take the hassle out of finding you the perfect policy so you can focus on getting that perfect tan.

 

If you’d like any more information you can contact our Travel Insurance team directly on (01) 890 22 77 or see our website or social media pages.

www.mkig.ie

https://www.facebook.com/mkiginsurance

https://twitter.com/kennedyinsuranc

 

 

 

 

 

Blog

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Personal Lines Executive Michael Kennedy Insurance Group is a well-established brokerage in Swords, North County Dublin with over 45 years’ experience. We are looking for a Personal Lines Executive with a minimum of 1 years insurance experience to join our company.   Responsibilities Include: Issuing renewal documentation to clients and following up to ensure retention […]

New Vacancy at MKIG – Claims Executive

Claims Executive Michael Kennedy Insurance Group is a well-established brokerage in Swords, North County Dublin with over 45 years’ experience. We are looking for a Claims Executive with a minimum of 2 years claims and insurance experience to join our company.   Responsibilities Include: Proactive dealing with all aspects of claims handling from notification to […]

Our Monthly Renewal & Referral Draws

Our Monthly Renewal & Referral Draws Here at MKIG we appreciate our clients’ custom.  Any client who renews their policy are entered into our “renewal monthly draw” where the prize on offer is a €50 One4All voucher. Winners are also announced in our newsletter and on our Facebook and Twitter social media pages. Please make […]

How to Avoid the Common Pitfalls When Purchasing Travel Insurance

Ciara Kennedy – MKIG It’s that time of year again. We’re all trying to grasp a bit of sunshine and thoughts of holidays abroad fill our minds. Questions like cityscape or relaxing beach? Which bikini/mankini to pack? How many weeks left to lose that ‘holiday weight’ that just won’t shift. But as we’re frantically searching […]

Today is World Cancer Day Feb 4th 2016

Today is World Cancer Day. While you may not like to think about cancer, you are probably aware of its medical implications and the dramatic effect it can have on your life. But have you ever considered the financial consequences of living with cancer? It is estimated that six in every ten cancer sufferers experience an increase in […]

Vacancies Available with MKIG

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Important Information for Holiday Home Owners

Holiday Homes are particularly susceptible to damage caused by escape of water or burst pipes. Unfortunately we can’t change the weather but we can take steps to prevent the escape of water or burst pipes. With this in mind the following is a SUGGESTION LIST to be implemented whenever your holiday home is unoccupied. Turn off water […]

Today is World Cancer Day Feb 4th 2016

WCD2016_WeCanICan

Today is World Cancer Day. While you may not like to think about cancer, you are probably aware of its medical implications and the dramatic effect it can have on your life. But have you ever considered the financial consequences of living with cancer? It is estimated that six in every ten cancer sufferers experience an increase in household bills.* Coupled with potential reductions in earnings due to long periods out of work, this can have a significant impact on your finances. * Source: National Cancer Registry Ireland, 2010.

Cancer Cover is available to anyone aged 18 to 60 (who meet Insurer’s underwriting requirements) and with premiums starting at only €10.10 per month, it is an affordable way of protecting your finances from the effects of cancer.

To give you an idea of costs we have worked out some examples:

Age
Sums Insured
Term
Monthly Premium (Non-Smoker)
Monthly Premium (Smoker)
30 Year Old
€50,000
20 Years
€10.10
€11.78
35 Year Old
€50,000
20 Years
€11.72
€15.74
40 Year Old
€50,000
20 Years
€16.36
€23.68
45 Year Old
€50,000
20 Years
€24.24
€35.94
50 Year Old
€50,000
20 Years
€36.63
€53.00
Cancer Cover can help reduce the financial stress of living with cancer. It gives an important breathing space, to focus on what really matters – recovering from the illness. Cancer Cover pays out a lump sum if you are diagnosed with cancer during the term of the plan, as defined in the Policy Document. Types of cancer that would ordinarily be covered include:
  • Breast Cancer
  • Prostate Cancer
  • Lung Cancer
  • Bowel Cancer
  • Gynae Cancer
  • Testicular Cancer
  • Malignant Melanoma Skin Cancer
  • Stomach Cancer
It is important to realise that some cancers caught in their early stages would not be eligible to claim under this plan, but insurers may provide partial payments for three types of cancer. These are:
  • Carcinoma in situ – oesophagus (treated by specific surgery),
  • Ductal carcinoma in situ – breast (treated by surgery),
  • Prostate Cancer – low level prostate cancer with gleason score between 2 and 6 (with specific treatment).

The financial implications of living with cancer:

A report by the National Cancer Registry Ireland highlighted the severe financial implications of cancer on Irish families. The report highlighted a number of key areas of concern for cancer sufferers. This included:
  • Increased medical costs such as consultant fees and expensive medications.
  • Actual out of pocket expenses such as increased travel to appointments that may be in medical centres of excellence located a distance away from home.
  • Increased utility bills due to the extra time spent at home recovering from surgery.
  • Reduction in earnings due to patients (and their family members) having to take time off work.
This is particularly relevant for those that are self-employed. While many people fear the medical effects of cancer, the adverse financial implications are often ignored. The report highlighted the increased financial stress and financial strain experienced by many households where someone has been diagnosed with cancer. This increased financial stress and strain is associated with a greater likelihood of experiencing depression, anxiety or emotional stress.
A recent article from the Irish Independent highlights this issue and tells the story of cancer patients and how it affected their family’s income – www.independent.ie/life/health-wellbeing/health-features/the-cost-of-cancer-i-went-hungry-so-the-kids-could-eat

Talk to us today for a free and no obligation Cancer Cover quote for you and your family. Call our helpful team on +353 (0)1 890 2277 or email Ciara at ciara@mkig.ie

Vacancies Available with MKIG

job-vacancies1

 

Due to continued expansion Michael Kennedy Insurance Group a well established brokerage in Swords, Co. Dublin has the following vacancies for highly motivated, energetic and disciplined candidates:

 

Commercial Lines Support Administrator ( Reference CL1 )

The role will include working closely with the managing director in assisting and dealing with a portfolio of Renewal and New Commercial SME, Property, Liability and Motor Insurance policies. In addition the candidate will be required to administer all day to day queries as they arise along with the promotion and cross sell of other products.

The ideal candidate will :

  • Be Self Motivated
  • Have Strong attention to detail and organisational skills
  • Have previous commercial experience ( broking would be an advantage )
  • Have a CIP qualification ( or working towards ) or be grandfathered
  • Be fully CPD compliant
  • A working knowledge of Relay would be an advantage.

 

Commercial Lines New Business Executive ( Reference CL2 )

The role will involve the sourcing and placement of new Commercial, SME, Liability, Motor Fleet and other ancillary Insurances using our large panel of insurers.

Reporting to the Managing Director the ideal candidate will :

  • Be Self motivated and Results Driven
  • Have strong attention to detail
  • Have at least 3 years business development experience
  • Excellent sales ability and telephone manner
  • Be a minimum CIP qualified or grandfathered
  • Be fully CPD compliant
  • Have a full clean driving licence

 

Financial Services New Business Executive ( Reference FS1 )

The role will involve the sourcing and placement of new Protection, Pension, Investments and other financial services to new clients and contacts.

Reporting to the Managing Director the ideal candidate will :

  • Be Self motivated and Results Driven
  • Have strong attention to detail and market knowledge
  • Have at least 3 years business development experience in a similar role
  • Excellent sales ability and telephone manner
  • Be a minimum QFA qualified or grandfathered
  • Be fully CPD compliant

 

Please send your CV noting the position you are responding to in strict confidence to :

Fergal Kennedy, Managing Director

Michael Kennedy Insurance Group

Email : fergal@mkig.ie

Important Information for Holiday Home Owners

holdiay home notice image

Holiday Homes are particularly susceptible to damage caused by escape of water or burst pipes.

Unfortunately we can’t change the weather but we can take steps to prevent the escape of water or burst pipes.

With this in mind the following is a SUGGESTION LIST to be implemented whenever your holiday home is unoccupied.

  • Turn off water at the mains stop cock and drain the water and heating systems.
  • If you do not want to drain the water and heating systems you should set your gas or oil fired central heating system to operate continuously for 24 hours of each day at a temperature sufficient to prevent freezing of the water/heating systems including all piping. Your Insurance policy will stipulate the minimum temperature at which the heating system should operate.
  • Arrange for a neighbour to check the property regularly.
  • Turn off the gas at the mains unless needed to maintain the central heating.
  • Unplug/disconnect all electrical appliances other than those needed to maintain the central heating and alarm systems.
  • Make sure your central heating boiler has been serviced in accordance with the manufacturer’s guidelines.
  • If there is a hatch to the loft/attic – this should be left open.
  • Check the oil tank to make sure there is sufficient oil to maintain your central heating.
  • Check all pipe work, particularly in the attic, to ensure that there are no leaks (however small) and that all pipes, pipe joints and tanks are adequately insulated.
  • Make sure you and your neighbour know where the stop cock is for the mains water.

MOST IMPORTANT OF ALL is that you are fully aware of the conditions applicable in your insurance policy and in particular the conditions that apply during the period from 1st October to 31st March annually. If this information is not immediately available to you please contact us.

 

pdf

If you would like to keep this information for reference you can download the Holdiay Home Notice by Clicking HERE

Download MKIG Winter Newsletter

Welcome to our Winter 2015 Newsletter

In this issue you will find details on our special offer on gadget insurance, news of recent exam success by our colleagues, some information on insurance policies specific for company directors, along with details of the prize winners of our recent draws.

We hope you find the bulletin informative and should you have any suggestions for future editions please let us know.

Click the link below for the full issue.

 

pdf  MKIG Winter 2015 Newsletter

Keep your Business Safe this Winter (PDF Download)

Screen Shot 2015-12-04 at 7.44.40 p.m.

With red and orange storm warnings being issued countrywide Winter has truly set in for the upcoming weeks ahead. There are many challenges your business will face in the Winter months and the document available for download below can help you prepare for related hazards.

It’s been designed to help you increase your risk management awareness to protect you and your business. Whether you’re trading locally, nationally or globally, common hazards affect us all. This edition focuses on some simple risk assessment checklists around winter weather, see how equipped you are and understand how well prepared your business is to face the challenges of the season. Helping to protect your business can be done in just a few easy steps and we’re here to help you.

DOWNLOAD HERE: Risk Management Bulletin Interactive Document

 

This document is courtesy of Aviva Insurance.

Essential Covers for Company Directors and Owners

businessman-in-office-insurance-cover

Being an owner or director of a company is very onerous and invariably you will find that the owner / director puts the needs of their employees, customers, suppliers and pretty much everybody else before their own.

Most directors would not dream of trading without arranging insurance cover on their assets (Premises, Machines, stock, etc) or arranging Employers or Public Liability yet most will trade without arranging cover in respect of themselves.

We list below 3 policies which every owner and/or director should consider:

 

Income Protection

An income protection policy pays a benefit to the policyholder if they are unable to work due to accident, injury or sickness.

The benefit is paid after a number of weeks and lasts until the selected retirement date or until the policyholder returns to work whichever happens first.

In the event of being injured at work most owners will struggle to have an employers liability claim paid through the courts given they are highly likely to be the one who was in control of health and safety within the business.

Income Protection provides a guaranteed income for the owner / director of the company should they become unable to work due to any accident, injury or sickness whether work related or not.

 

Directors and Officers Liability

This policy provides cover to defend actions taken personally against Directors by numerous parties including the likes of Regulatory Authorities, Shareholders, Customers and even competitors.

Take for example the recent implementation of the new Companies Act 2014, which places greater responsibility on directors of companies and also provides a large range of enforcements that can be taken for breach of the Act.

This legislation permits that the directors can be sued personally as they can no longer hide behind the limited status of the company.

A Directors and Officers policy provides protection for the directors and officers of the company should they be sued personally.

 

KeyPerson Insurance

Should a keyperson within the business get ill or die how would the company survive ? They may have to hire somebody temporarily to run the company or they may have to “headhunt” an individual and pay them a sum of money over and above what they are currently paying to replace the individual who has died or is incapacitated.

A Keyperson Life and Serious Illness policy can be taken out by the company on certain key individuals. The benefits are paid to the company who can then use it as they see fit. ( e.g. pay the costs of temporary staff or fund increased salary of new staff, etc.)

 

Should you wish to discuss any of the above in greater detail please have no hesitation in contacting us on (01) 890 2277.