Importance of understanding your travel insurance in post-COVID-19 era
BNN Bloomberg
A subsidiary of TD Bank has settled a class action lawsuit with Canadians whose trips were cancelled due to the COVID-19 pandemic, and one expert says the situation reinforces the importance of understanding what kind of travel insurance you're buying.
The lawsuit alleged TD Insurance breached the terms of its travel insurance policy around cancellation after denying reimbursement to those who were offered credits or vouchers from airlines, cruise lines, Airbnb.
TD Insurance has agreed to pay $4.8 million in compensation to those who were insured by a TD travel insurance policy between March 16, 2018, and Oct. 15, 2021, as well as $200,000 on account of costs and $100,000 on account of administration expenses, according to the settlement documents.
Martin Firestone, president of Toronto-based insurance broker Travel Secure, says the settlement is a good thing, adding that a voucher or credit wouldn't have been enough to satisfy travellers when there wasn't certainty around when people could actually travel again.
