Travel Insurance Policy Advice – why it's so important to read the policy Product Disclosure Statement before you travel overseas
You would have heard on the news of horror stories where a person has an accident overseas and their insurer does not pay out on the insurance policy as their "event" falls within an exclusion of the policy.
It has recently made headlines that an Australian couple are stuck in a foreign country, with the husband in hospital, as their insurer has refused to pay out on their insurance claim.
The man had a fall causing severe brain injury and the insurer refused to pay out the insurance policy on the basis the toxicology report indicated the man had alcohol in his system.
It was brought to the attention of the couple that any events that occurred as a result of alcohol were an exclusion to that policy. This is particularly interesting given most people consume alcohol whilst overseas on holidays.
Therefore, if you are travelling overseas, it is highly recommended that you not only have insurance cover, but also that you read the Insurer's Product Disclosure Statement before you take out insurance so you are well aware of what you are and are not covered for.
Contact our Partner Gerry Epstein if you would like us to review your proposed insurance policy before you embark on your overseas holiday to ensure you are adequately covered.
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