“The world is shrinking” has long been a catchphrase to describe how accessible the world has become; however it should also remind us of the proximity to danger. If your business and pleasure activities take you across the globe, it means leaving nothing to chance when it comes to ensuring your safety.
Ignorance is not bliss when it comes to foreign travel. The right insurance, security advice, and on-the-ground support can mitigate the risks, but only when you take full advantage of the counsel received and exercise round-the-clock vigilance.
Preparing for Third-Party Threats
There are a number of unique exposures to which the affluent traveler is subject including kidnapping, hijacking, terrorism and crime. In response, there are a plethora of resources, experts, and products to provide counsel on everything from how to carry your passport in the airport to anti-piracy devices for private yachts. It can be a confusing array through which to sort.
For example, before issuing a policy such as kidnapping, insurers need to know your current and prior destinations, including frequency, as well as your profession. They may also require a copy of a plan in case of kidnapping, and information about whether or not your company has previously experienced a kidnapping. The fact is that successful kidnappings have a greater risk of repeating. Your HUB International Travel Risk Consultant can work with you to develop these types of plans and communicate them to your insurer.
Piracy and hijackings, while not as common as kidnapping, are real threats. Expensive yachts offer the potential for little resistance and rich payoffs to would-be hijackers. And if you’re planning a cruise—either on a commercial craft or your own—it is imperative to understand the dangers your route poses, and work with an expert to plan and prepare based on the potential dangers. For those knowingly going into unsafe territory, there are products on the market to help deter pirates. Your HUB Travel Risk expert can conduct threat assessments, develop strategic plans and work with you to bolster your safety.
Environmental/Health Threats
However, being on the receiving end of a crime is only one way to be victimized when traveling abroad. What happens if you’re injured and in need of emergency surgery, or when a pre-existing condition flares up, requiring immediate medical attention? Beyond swine flu, avian flu, and malaria, it makes good practical sense to have options in case there is a medical emergency.
Finding, obtaining, and paying for medical care in a country where you have no physician or hospital relationships, no immediate access to personal medical records, and do not speak the local language, can create many risks. HUB can provide travel medical assessments and briefings that will prepare you for local health threats and epidemics, as well as work with you to secure the right travel medical and accident coverage.
Specific travel risks affecting the high net worth community amplify the need for vigilance as well as thorough risk assessments and appropriate insurance coverage choices. Advanced preparation is key to limiting your risk and minimizing vulnerability.
Contact an advisor at HUB to get started.
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