Sunday, April 25, 2010

Stranded travellers face battle for payouts | This is Money

Stranded travellers face battle for payouts | This is Money



Firstly we need an overhaul of travel insurance, in fact many other insurances are in need of being dragged into the 21st century because they will not meet the policyholder's reasonable expectations. You have to ask why is it that the insurers say "volcanic eruption is not a 'specified insured event'", if it isn't a 'specified uninsured event' how can the Man on the Clapham Omnibus be expected to work out what cover is included and more importantly what isn't? These policies are not cheap and very few people actually claim, yes the old insurance company story about the Med being full of Pentax cameras and no Kodaks is a good one but people buy this cover because they want peace of mind and the inference from insurers that this is what they are selling. Now we find out that this isn't at all what they intended. The FSA needs to wave the "Treating Customers Fairly" flag and take a look at the practices of insurance industry as a whole in order to avoid future problems on this scale.

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