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At a glance.

What can be covered?

Financial loss caused by travel disruption beyond an individual’s control.

Policy limits.

Up to USD $5,000 per covered trip.

Data requirements.

Monthly, starting within 90 days of program incepting.

Program changes.

On new risks that are covered, MIC can review program if loss ratio is above 65%.

Minimum annual program premium.

240,000 USD / CAD / GBP / EUR.

Bridging a protection gap with MiIncome Travel Inconvenience.

Travel inconvenience caused by delays is a global issue. Delays, however small, can cause a butterfly effect for travellers; resulting in missed connections, meetings, reservations, and generally disrupting people’s journeys. Often these delays lead to additional cash outflow as travellers make alternative arrangements.

Typical travel insurance offered by transport providers only covers individuals for a specific journey for reasons within the transport provider’s control, for example a flight or ferry ride. We are here to fill the gap in the market by addressing the whole journey, with door-to-door coverage that protects individuals for disruption to their travel plans that cause financial outlay.

Example scenario.

A US-based CEO has a midsummer in-person client meeting in Hong Kong. Her journey will consist of a taxi to Miami International airport, a direct flight to Hong Kong International, followed by a ferry ride to the client’s location. She purchases flight tickets (plus flight insurance from the airline, just in case) and books a taxi. If all goes smoothly, her plan will allow her plenty of time to get to the meeting.

Unfortunately her journey does not go as well as hoped. Heavy road traffic causes her to miss her flight, requiring purchase a new flight ticket. A 45-minute tarmac delay is caused while luggage is loaded – it’s hot on the plane, so she buys refreshments while she waits. Once in Hong Kong, a summer storm slows her ferry journey, causing further stress. The CEO makes her meeting, just, but being hampered by disruption leaves her flustered and out of pocket.

While she had flight insurance, this does not cover for the traffic that caused her to miss her flight, and since her new flight take-off was only delayed 45-minutes, the airline were not obligated to offer any refreshments or compensation.

The inconvenience caused by these disruptions is where MiIncome Travel Inconvenience comes into play:

MIC’s underwriting appetite.

Our MiIncome Travel Inconvenience underwriting appetite enables us to offer protection designed to cover financial loss as a result of travel disruption beyond an insured individual’s control. Inconvenience payments help with incurred costs such as new flight and ferry connection tickets, replacement taxi travel, overnight accommodation, food and drink, or simply to take the stress out the situation. We deliver our solutions through programs with commercial customers and local insurers to offer additional value to their customers, for example travel platforms and credit card providers.

What can be covered?

We do not have pre-determined triggers or perils outlined in our underwriting appetite for this type of business. Instead, we work with partners, insurers, and reinsurers to tailor the protection to the products they provide to their customers. For example, we can cover financial inconvenience caused by a delayed flight. Typical coverage can include:

  • Taxi journey delay due to road traffic.
  • Airline tarmac delays.
  • Public transport disruption, such as rail, bus, and ferry.

What is typically not covered?

We work with our partners, insurers, and reinsurers to create products that add value to all parties, with typical coverage exclusions being:

  • Flight or train delays for less than the time deductible shown in the policy.
  • Missed flight or train due to road traffic if the estimated time of arrival at the time of cab booking was not within the timelines shown in the policy.
  • Any fraud or misrepresentation by the insured.
  • Loss due to software, hacking, ransomware, data corruption, spyware, breach of digital security tools, or other cyber causes.
  • Losses due to war, terrorism, strikes, or civil unrest.
  • Losses due to nuclear, chemical, biological, radiation, pollution, and pandemic events.

Policy limits we can offer.

  • MIC typically offers a claim limit of up to USD $5,000 per trip. This can be increased depending on the type of disruption being covered, coverage required, and scale of the program.
  • We work with our partners, brokers, and insurers to tailor our limits specifically to each program.

Data requirements.

  • MIC requires that data on program enrolments, premiums, and claims be provided by partners on a monthly basis with insurers/brokers being able to provide data using Application Programming Interface (API) within 90 days of a program incepting.
  • MIC will work with your partners, brokers, and insurers to put in place API connections for the seamless and real-time sharing of data between parties on the program.
  • MIC, working with our partners, may seek integration with apps and webpages for the purpose of monitoring and validating claims, performing diagnostics, and assessing and managing risk.

Program changes.

  • MIC has the ability to review program pricing, terms, and conditions in collaboration with the partner, broker, and insurer (on new risks that are covered by the program) if the loss ratio (i.e. claims/premium) is above 65%.

Minimum annual program premium.

  • MIC has a minimum annual premium on each program of 240,000 USD / CAD / GBP / EUR.

MIC risk carrying entities.

  • MIC Global Syndicate 5183 is a Lloyd’s of London Syndicate managed by Asta Managing Agency Limited and can do business in territories where Lloyd’s is licensed to write (re)insurance.
  • Micro Insurance Company regulated by the Anguilla Financial Services Commission.

This is an indicative product summary. Policy triggers, coverage, and exclusions will need to be tailored for each specific opportunity.

MIC Global Services Limited is an appointed representative of Asta Managing Agency Ltd which is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Micro Insurance Company is regulated and authorised by the Anguilla Financial Services Commission.

Please note that any information in this product summary is for general information purposes only and is targeted at large sophisticated (re)insurance buyers, regulated (re)insurance distributors, and regulated (re)insurers.

Our products are subject to eligibility requirements, exclusions, limitations, and other terms and conditions. Please refer to your policy documentation for full details.

The content of this page does not constitute advice or a recommendation to purchase any product. You should seek professional advice before making any decisions based on the information provided. STP Group Holdings LLC, MIC Global Services Limited, Asta Managing Agency Limited, Micro Insurance Company, and their subsidiary and affiliated companies are not responsible for any losses that may arise from reliance on the information provided in this product summary.