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Tsvetanka Krumova – a guest in BNT2’s Consumer Basket program

Krumova BNT2

Insurance for a care-free vacation

The Executive Director of Armeec Insurance Jsc, Mrs. Tsvetanka Krumova, appeared on BNT2’s Consumer Basket program to talk about insurance products that can give us the protection and peace of mind we need during our vacation, and explained some of the specifics regarding the terms and conditions, prices, and covered risks should an insurance event takes place.

Mrs. Krumova said that the most popular type of insurance for travellers was the Travel Assistance Abroad Insurance which covers medical and repatriation costs in case of an accident or an acute illness suffered abroad. The insurance Travel Assistance Abroad includes the so-called assistance services. They are provided by specialized companies with offices all over the world, which operate 24-hour assistance hotlines. Insured individuals must call these hotlines in case of an accident and the assistance companies will direct them to a hospital or a medical specialist, and will typically pay them directly for their services so that the insured will not have to make any cash payments. In the rare occasions where the insured do have to make payments, their costs are later reimbursed.

Mrs. Krumova mentioned another insurance product designed for our summer vacations. It covers the risk of us not being able to make a trip we have been planning for. It is called Travel Cancellation Insurance and covers the non-refundable costs we have incurred with regard to our trip (such as plane tickets and hotel reservations), when our trips get cancelled, interrupted, shortened, or prolonged. Trips can be cancelled for medical or non-medical reasons such as the insured, his close relative, or business partner getting ill or being involved in an accident; a fire or a break-in occurring in the residence of the insured; urgent professional duties interfering with the insured’s travel arrangements and suchlike.

In conclusion Mrs. Krumova talked about the insurance-related obligations of tour operators explaining that they are legally required to place liability insurance and to inform customers as to which insurance company they have used to obtain their coverage.

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Consumer Basket, BNT 2, May 13, 2015