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Holiday insurance crucial in 'strained' times

26 January 2009 20:49

Holiday insurance crucial in 'strained' times

Travel insurance for business trips is vital in the current climate of economic doom and gloom, it has been suggested.

According to US travel insurance company, there are many ways to save money on trips abroad but doing so by scrimping on cover can result in a much larger bill should anything happen.

Jim Grace, president of the company, explained to small firms and holidaymakers shopping for cover that it is important to first assess their requirements and then find the policy that best caters for them.

He also urged that trip cancellation be included so as to ensure that travel investments are not lost should the arrangements change at the last minute.

"In today's strained economy, there is an extraordinary need for the financial protection that travel insurance provides," Mr Grace added.

Recently, the Association of Independent Tour Operators suggested that holidays remain a necessity for Brits despite the global financial crisis.