Addressing BTA Policy Gaps
Business travel accident (BTA) insurance is a common commodity among American companies with international interests and employees that travel throughout the world. Firms purchase BTA policies to financially indemnify employees from unexpected events while on business trips.
Policies often include coverage for accidental death, dismemberment, disability and accident medical, but many traditional BTA products have potentially problematic holes in policy wordings such as territorial restrictions, limitations of war/terrorism cover, transportation restrictions as well as insufficient “any one event” limits and aggregate benefit limitations.
Petersen International offers flexible, customizable solutions to fill the blatant or sometimes subtle coverage holes in traditional BTA products. Here are a couple of examples of how we are able to help firms address potential corporate liabilities:
Example 1:
An international accounting firm discovered their BTA policy had an exclusion of acts of war and terrorism. They were concerned about claims viability in the event an employee was traveling on business and was victim of an act of war or terrorism. Their standard BTA policy would not pay, leaving a potential costly liability to the firm. Petersen was able to secure a supplemental BTA policy covering acts of war and terrorism only, matching the benefit limits of their other coverage while filing the gap in insurance.
Example 2:
A political consulting company was asked to send employees to a business meeting with U.S. diplomats in Ukraine. The company’s BTA policy benefits were not extended to employees traveling to Ukraine due to the ongoing conflict with Russia. Petersen was able to secure them short-term coverage with accidental death, dismemberment, disability and travel medical benefits for their trip to Kyiv, including coverage for the war and terrorism exposure.
When your business clients are contemplating the implementation of BTA insurance or the review of their current travel programs, call on Petersen International to assist in the analysis and any required coverage adjustments to properly fit their travel risk needs.