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Holiday Travellers Chancing More Than Just the Weather This Summer

Hiscox Survey Finds One in Five Don't Know If They Are Covered When They Go on Holiday

LONDON, UNITED KINGDOM -- (Marketwire) -- 05/28/12 -- As Britons gear up for their summer holidays, new research reveals that many are chancing more than just the weather with their holiday planning. According to specialist insurer Hiscox, 19% of those surveyed(i) said they either don't bother taking out a specialist travel insurance policy, think that they are covered under another insurance policy such as health, or simply do not know. When it comes to understanding what exactly they are covered for following the loss of valuables or luggage, there is an even greater level of complacency with one in ten (10%) respondents being unsure or not having checked if they are covered by an insurance policy.

Commenting on the findings, Colin Wallace, insurance expert from Hiscox said: "Recent changes in the rules governing the sales of holidays have further strengthened consumer protection. However understanding what you are covered for can become confusing and there is a worrying degree of complacency when it comes to Britons making sure that they have the right travel insurance, or indeed any cover at all.

"Taking the time to think through your travel plans and what type of cover you need can help take the stress out of travel. Comprehensive travel insurance, such as the Hiscox policy, should cover you for eventualities that you may not always be aware of, such as the financial failure of a flight or other travel service disruption."

I'm covered...aren't I?

--  The research found that 18% assume that their travel agent or airline
    would compensate them for flight cancellation. However this can be
    dependent on the exact circumstances of the disruption 
--  21% thought that a travel industry body would cover them for flight
    cancellation, but again this is dependent on many factors such as how
    you booked the flight and if the airline is based in the EU 
--  26% assume they are covered by a travel policy from their bank account
    although these policies may not include financial protection if the
    accommodation provider goes bust 
--  13% haven't checked or are unsure of what cover they have if their
    flights are cancelled 
--  One in ten are unsure as to whether they would be covered for a medical
    emergency when on holiday 
--  Thrill seekers looking for some extreme sports action on their holiday
    are taking more risk than they should with 36% only sometimes checking,
    or simply never checking, whether their travel insurance will cover them
    for the activity they are undertaking such as bungee jumping or white
    water rafting; activities which are not always covered as standard 
--  Check that your travel policy covers all of your planned activities.
    Riskier winter sports such as ski /snowboard racing, jumping,
    acrobatics, aerials and other activities are sometimes excluded and
    separate specialist cover may need to be added to the policy

Notes to editors

(i)2,284 online interviews with ABC1 respondents, working full time, were conducted from 11-13 April 2012 on behalf of Hiscox by Opinium Research LLP.

Hiscox travel insurance cover includes:

--  Up to GBP 10 million emergency medical cover 
--  Up to GBP 2 million personal liability cover 
--  Up to GBP 50,000 legal expenses 
--  Up to GBP 10,000 for political unrest and natural catastrophe evacuation
    to get you to a safe destination and includes specialist assistance
--  Up to GBP 5,000 for cancellation and curtailment if a trip needs to be
    cut short due to an emergency such as your home being flooded 
--  Extended travel disruption cover for missed departure in the case you
    miss a flight or can't travel due to a strike,  industrial action or
    mechanical breakdown, this cover is especially important for independent
--  Reimbursement of the excess for damage or theft if you rent a car and
    includes the cost of replacing the car keys. 
--  The policy also gives clients the choice to select additional covers
    they might need, such as cover for their winter ski holiday or, if they
    run their own business for example, the opportunity to cover themselves
    when they are away on a business trip. These additional options include:
--  Baggage and money cover, including new for old cover for personal
--  Business Travel cover which includes the cost of a close business
    associate to replace you if you are unable to attend a pre-arranged
    meeting and the cost of replacing business equipment 
--  Golf equipment in the case it is lost, stolen or damaged and green fees
    if you can't attend due to illness, an accident or are prevented from
    playing due to losing personal documents 
--  Winter Sports, including off-piste skiing within the ski area boundaries
    of a recognised ski resort 
--  Extended sports activity cover for 'high octane' activities such as
    white water rafting, quad biking and kite surfing             

About Hiscox

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited. Hiscox UK also offers professional indemnity insurance and small business insurance products. For professional indemnity insurance quotes, quotes on any Hiscox products and further information, visit www.hiscox.co.uk.

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