TRIP ASSURED travel insurance banned

[Cruisechik]

FYI, I came across this on another thread. I had previously used this company on the advice of my (ex) TA, so I thought I'd help get the word out to others.

 

http://www.claimsguides.com/news/southeast/2006/09/10/72257.htm

[lka1012]

I also posted something on this last Friday:

 

http://boards.cruisecritic.com/showthread.php?t=409738

[Lightsluvr]

I am, and came across the same article earlier today - posted it on a different thread...

 

Don't ya love the "get a lawyer" threads??

 

:cool:

 

LL

[lka1012]

I don't look at it (at least from my POV) as get a lawyer. It is more of Beware!

[Sunshine91]

I only know insurance from an employee benefits perspective...but you GOTTA read what you buy.

If this guy in TN says he wasn't selling insurance, what the heck WAS he selling? What did his marketing material say?

All of the carriers on insuremytrip show the name of their underwriter and their S&P ratings; many use Stonebridge which has an A or A- (I think, didn't check today). What did this Trip Assured show?

I'm not trying to defend this guy in any way, but you can't just sign off on accepting anyone's word that this is the right product for you. You have to accept responsibilty for what you pay for. Now, if his material blatently lied & said customers were purchasing insurance, well, than that is a whole other can o' worms, now, isnt' it?

I wonder, if the chief of Consumer Affairs recuses herself, who then conducts the investigation? Hmmm..........

[AAAAmerican]

Yes each State usually has a different rating of the Insurance Company and/or plans in S&P etc... rating services are vital for when you are investing time and/or money...

 

This TN firm iIS NOT AN INSURANCE COMPANY or has any Underwritter...if you paid it may be time you contacted the Attorney Generals from your State of residence as well the US Attorneys office.

 

FedEx (FDX:NYSE) Federal Express...does self insure also it self fand it is rom TN!

 

This will probably become a RICO and/or Class Action litigation.

 

Doing your own research is vital from your own perspective and your families. A T/A is supposed to represent you..well the good ones do....

 

Adding on amounts to there bottom line , yes, does increase there own payous... so yes examine and read all policies prior to paying for them or have someone in your company, friend and/or family do it to help protect your interests.

 

Many people have tried to sell the Brooklyn Bridge ever since Mr. Roebling built it.

 

The George Washington Bridge and Martha (Underside) were never finished as the Funding supply ran out.... they are supposed to look like the Brooklyn Bridge with its Stone Facings...:eek:

 

So yes sometings do not look like they seem and/or are...

 

Real Travel Insurance is so important to protect yourselves and your investment of funds/time.:cool: As in anything Quality is vital!

[Cruisin Kay D]

Summary of comments from RCCI Board on this topic:

 

TRIP ASSURED travel insurance banned

 

Cruisechik: FYI, I came across this on another thread. I had previously used this company on the advice of my (ex) TA, so I thought I'd help get the word out to others. http://www.claimsguides.com/news/sou...9/10/72257.htm

 

Crusinmama06: I had Trip Assured on my Disney cruise and it was AWFUL dealing with them. My daughter had a medical emergency onboard and I got so frustrated dealing with trip assured that I just stopped and took it as a loss.

 

Ccxnola: This 'travel insurance' was offered as an incentive / bonus to transfer my RCCL reservation to Cruise Vacation Outlet.

 

CruisinKayD: Did you file a complaint with State of Tennessee Consumer Affairs Office? Also file one in your state. Also keep after your TA that talked you into buying it. Read the most recent article: http://www.tennessean.com/apps/pbcs.dll/article? The company told Tennessee Officials that they DO NOT SELL travel insurance but their website sure looks like it does. Look at their website – what do you think they’re doing?

BE CAREFUL: Nothing on their website saying that they CANNOT SELL in TX, TN, NC, MI etc. They are still in business!!

 

Beachchick: My mom is going on a trip this fall (I should say "another trip" because she's often traveling somewhere). The tour company was offering insurance and I think it was Trip Assured. She asked me to do price and coverage comparisons with the companies we've used before. Fortunately, the prices were about the same so we went with a company we've used numerous times and with whom we've had claims that went smoothly.

 

Smeyer418: I know that I prefer getting insurance from a company licensed to do business in the state I live for a number of reasons. Unfortunately at times I have purchased insurance from companies not licensed here(like LLoyd's of London). Of course this is insurance. He won't win that one. Some states are more lax than others and will allow non licensed insurance companies to issue a policy.

 

FrankM: I always get my own insurance so I decline the TA offer for the FREE Trip Assured. I inquired about this insurance on these boards 2 years ago and was told...be careful. Looks to be the truth. Would rather pick a company listed on Insuremytrip and know it's a reputable company.

[cruiseco]

If this guy in TN says he wasn't selling insurance, what the heck WAS he selling? What did his marketing material say?

 

What was being sold was a "service contract" according to the company. Many of you already have a "service contract" type of arrangement when you think you have insurance.

 

The best example is something like the Automobile Club (AAA). You may be paying for their roadside assistance service. And it's common to say "I've got AAA towing insurance" but that's wrong. It's not insurance at all. (We're not talking about their car insurance here).

 

As a AAA member you pay a yearly fee that entitles you to certain benefits such as towing. The cost of the towing or other services is paid for out of the membership dues that roll in every year. AAA and the other similar clubs don't need to be registered with any state's department of insurance and they don't need an underwriter.

 

And in most travel insurance companies out there the policy you buy may have some non-insurance components also. For example, when you buy a plan that includes emergency evacuation coverage the insurer will basically peel off part of your premium and sign you up on a "service contract" with one of the companies that provide that coverage. If you read your plan documents you'll usually find wording saying that if you arrange your own emergency evac they're not going to pay for it or wil greatly reduce the benefit. That's because it's not insurance that will reimburse you for your expenses but rather something you get as a purchaser of the service contract. For example, here's from Access America:

 

"All medical transportation services must be authorized in advance and organized by the Access America Hotline Center. In the event that the medical transportation services are not authorized in advance and organized by the Access America Hotline Center,We will only pay up to $5,000."

 

It looks to me like Trip Assured was kind of flying under the radar and trying to structure their program along these same lines. You buy a "service contract" and any claims are paid for out of the monies received from others purchasing the same type of contract.

 

There could be several reasons for this:

 

#1 An underwriter costs money. If they're going to insure that there's money available to pay any claims they're going to charge for it. And the underwriter basically dictates the coverages you can offer. If you want to include coverage for getting hit by an asteroid but the underwriter says "no" then you only have two choices -- forget the asteroid benefit or shop for another underwriter who's good with that. Who wants an outside company telling them what to do?

 

#2 If a company is offering a registered insurance product then in 47 of the states the TA needs to be licensed to sell it to his/her clients. This involves a great deal of paperwork staying on top of everyone's current licensing status, etc. Again this means added expenses. Plus, if you're not selling insurance you open up your marketing by being able to offer it through any non-licensed agents out there who are probably desperate to find someone they can work with.

 

#3 If you're not selling insurance you don't have to worry about dealing with those pesky state insurance departments who are always looking over your shoulder telling you how to run your business. And if there's a client that gets screwed they don't have a regulator to complain to that can pull your license to operate in that state.

[fideauxdon]

If you want to feel your hair stand on end, just do a Google or Yahoo search on "Trip Assured". An Associated Press story yesterday said that the BBB in Knoxville, TN had 120 complaints against Trip Assured! They've now had Cease and Desist Orders orders placed against them in North Carolina, Texas, Michigan and Tennessee, and other states are pretty close to doing the same thing. When they recruit travel agents to sell their product they don't even mention that the TAs often need an insurance agent license to sell their product...even in states that haven't yet banned them. Remember that you can sue your travel agent if you can't get your legitimate claim paid by Trip Assured. This has been done successfully. At least one travel agency has closed because of the actions of this company.

 

Let the buyer beware.

[AAAAmerican]

Yes your actions are needed then are heeded.

 

Your voicing your opinion to your County State and Federal Attorney Generals Offices helps the abuse thes people have caused and the Losses of so many too.

 

The more that say something the faster something is done.

 

Laws need not just to be made but they need to be enforced too.:eek:

[Croozer47]

Please contact me at the e-mail address below as I have some information to share with you regarding Trip Assured:mad:. Thank you.

 

volunteernewsservice@yahoo.com:)