Wednesday, May 15, 2013

Case Study: Covering Executive Travel

While most people know us for Disability and Long-Term Care insurance, we do field many calls from brokers who start out by saying, "I don't think this is possible, but...".  I love getting calls like this. Helping a broker handle a difficult or extremely unique situation is so much fun.  This is a brief study of one recent case that crossed my desk.

A large business was having a corporate retreat. All 300+ of their top executives were attending the event. What happens if 1 or more of the planes being chartered crashes? What type of financial impact would that have on the company?  This group wanted to cover this risk, but time was of the essence. The didn't decide to do this until the morning they were flying out.  Impossible?

We were able to issue a group AD&D policy instantly for $1million of coverage per executive up to $50million per plane.  They were given a policy statement showing they were covered immediately and throughout the duration of their retreat. They even had 10 days to mail the premium check to the company.

Fortunately, the entire group returned home safely. But if they hadn't, the company had peace of mind knowing that they were protected.

Most of you will not come across cases like this on a frequent basis. However, there is a good concept that has come out of this. Covering key employees while they travel for business. It doesn't have to be 300. It can be 1.  Whether it is a private flight or commercial; domestic or international...We Can Help!