FCA Warns You To Check Your Travel Insurance

Following the recent collapse of Thomas Cook , the Financial Conduct Authority (FCA) has issued a warning for us all to check our travel insurance cover as well as firing a warning shot at travel insurers to make sure they issue you with enough information.

Under the FCA rules, travel insurance companies need to ensure each customer is given:

• An insurance product information document (IPID), which must contain information on the main policy exclusions.
• Provide appropriate product information in order you can make an informed decision on the level of cover you require. This includes general insurance contracts.
• Travel insurance companies must also handle any claims immediately and fairly.

Consumers

The FCA suggests that you read all your documentation to make sure the cover that you need is included.  In addition, we suggest that you regularly disclose any changes to your circumstances e.g. health.  It may seem trivial, but even if you are just having medical tests at present with no results yet, you should tell your insurers as you do not want to fall foul of not disclosing issues and then needing to make a claim when overseas.