The travel insurance industry is experiencing a resurgence of competitive, customized offerings, as it shakes off the ambiguity resulting from years-long negotiations with state regulators, industry executives and observers said.
A few weeks ago, Berkshire Hathaway Travel Protection (BHTP) launched WaveCare, a travel insurance product specifically designed for cruisers, including higher medical and evacuation coverage limits.
Meanwhile, APRIL Travel Protection just launched an innovative annual plan, offering trip cancellation coverage available in increments of $1,000, up to $5,000, along with all of the other traditional comprehensive insurance offerings. Every time an insured makes a claim, that amount is deducted from the total coverage they purchased for the year. Policies start at around $50 for $1,000 in trip cancellation coverage.