LEISURE TRAVEL INSURANCE

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1 LEISURE TRAVEL INSURANCE

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3 LEISURE TRAVEL INSURANCE Mercer Marsh Benefits has established a preferred provider solution for leisure travel insurance. Following a comprehensive market review, Crispin Speers & Partners (CSP) was selected by Mercer Marsh Benefits because the company is able to provide: A high-quality offering with good benefit levels and differentiators to help companies support their employees. Competitive pricing that illustrates excellent value for money. A solution for all requirements whether company funded, as part of a flexible benefits program, or on a voluntary employee purchase basis. Access to a travel specialist, which means that coverage can often be extended at discounted rates for individuals with medical conditions not covered by the standard offering, or for individuals undertaking specialised trips or activities. WHY DEVELOP A PREFERRED PROVIDER SOLUTION? Mercer Marsh Benefits leisure travel preferred provider solution enables an organisation to offer its employees a valuable benefit that does not present a significant cost or involve the employer in a great deal of administration. Travel insurance provides coverage for a wide variety of risks that an individual may be exposed to while travelling either abroad or within the UK. Typically, people buy their travel insurance from the following main sources: Banks, building societies and post offices. Tour operators and travel agents. Low-cost airlines. Retailers (for example, Tesco). Specialist insurance providers using off the page advertising and the internet. Employee benefits schemes. Many banks provide coverage for free to their customers, but actually the cost of the coverage is often tacked onto the back-end of a fee-based account so it isn t really free at all. Credit card providers do similar things. In all these cases, it is worth checking whether the insurance is a full product, because it may just be low-level coverage for specific circumstances (for example, personal accident coverage while flying). Some bank-provided coverage, however, is very good, and because the insurers have guaranteed volumes, pricing can be keen, too. A lot of the direct selling is now done through consolidators (for example, moneysupermarket.com), through which providers drive their prices as low as possible to come out on top. In a lot of instances, the amount of coverage has been stripped right down to achieve this. Cheap isn t always good and there is likely to be a need to trade up during the process but this is undoubtedly a very competitive area; individuals need to recognise that they get what they pay for. 1

4 OUR UNIQUE OFFERING When developing the preferred-provider offering, Mercer Marsh Benefits sought to combine comprehensive benefits, including bespoke additions, with minimal underwriting and cost-effective premiums. The core product includes many of the usual travel benefits, in addition to a number of key differentiators for our clients. In addition to the benefits highlighted below, key points are: Simple application process for employees. Minimal input required from sponsoring organisation. Streamlined internal process enabling us to deliver a high-quality solution to our clients in a cost-effective manner. COSTS The following prices will remain effective until 31 March Europe Worldwide Coverage Excl. winter sports Inc. winter sports Excl. winter sports Inc. winter sports Employee Employee and partner Employee and family Employee and children These prices are applicable for company-paid and salary sacrifice/deduct schemes. All prices include insurance premium tax at 20%. Mercer Marsh Benefits commission of 10% is built into all the above prices. While we believe this plan offers excellent benefits at a cost that compares favourably to those offered through retailers, we can undertake a full market review for your organisation, if required. Note: you should also be aware that this scheme is not designed for business travel and covers leisure travel only. COMMUNICATION Mercer Marsh Benefits can provide you with information for your employees electronically or in hard copy, as well as work with you to create a bespoke communication. With employer-paid and flexible benefits plans, you will be provided a digital policy schedule and policy wording that you can make available to covered employees. Mercer Marsh Benefits plan includes: Up to 10,000,000 in medical expenses and associated costs, including medical repatriation and/or costs of a visitor. Significantly reduced medical underwriting allowing travel with existing medical conditions, providing it is not against a doctor s advice or to seek treatment. No upper age limit on company paid and salary sacrifice/deduct schemes. Disruption of travel cover up to 1,500, which covers incidents such as volcanic eruption. Unlimited number of trips during the year, up to 60 days duration. The ability for children (up to age 25 in full-time education) and partners to travel independently. Coverage for UK travel, where there is either a flight or at least one night s stay in pre-booked accommodation. Coverage for physiotherapy upon return to the UK, following treatment abroad. Collision damage waiver excess coverage, which can be a big saving when renting vehicles abroad. Coverage for accidents related to most scuba diving and many other activities included at standard rates. Scuba diving depth to 40m. Cover for trekking allowed up to 5,000m (no referral required); up to 6,000m can be covered, but excess will increase to 250. Pet care cover up to 250 should you be delayed on your return home due to an insured peril. Monthly payments at no additional cost on payroll-based schemes. 24-hour emergency helplines and dedicated claims handlers. 2

5 SUMMARY OF ALL BENEFITS SECTION COVER LIMIT EXCESS 1. Personal accident,000 Nil The maximum amount payable for death of a child under age 16 is 10, Medical and other expenses 10,000, Hospital benefit ( 25 per complete 24 hours) Nil Mugging ( 250 per week) Coma ( 250 per week) Benefits will be paid only under hospital benefit, mugging or coma in respect of a single incident. 4. Physiotherapy in the UK Baggage and personal effects Single article limit Valuables limit 2, Own scuba diving equipment 7. Delayed baggage after 8 hours Nil 8. Money and documents Inner cash limit 9. Loss of passport 250 Nil 10. Personal liability 5,000,000 Nil 11. Cancellation and curtailment 5, Travel delay ( 25 for each complete 8 hours) Abandonment after 8 hours delay Missed departure 5, Hijack ( 100 per complete 24 hours) Nil 14. Legal expenses 25,000 Nil 15. Catastrophe 1,500 Nil 16. Collision damage waiver excess Nil 17. Pet care (after a delay of 12 hours) Disruption of travel 1, Winter sports (if cover selected and appropriate premium paid) 19.1 Ski hire 19.2 Ski equipment owned Ski equipment hired Ski pack 19.4 Piste closure ( 25 per complete 24 hours) Nil 19.5 Cancellation (lack of snow) Delay due to adverse weather Nil Nil Nil 3

6 ABOUT CRISPIN SPEERS & PARTNERS LTD. Established in 1985, CSP offers bespoke travel and personal accident insurance solutions designed specifically to meet the distinct product and service needs of each client. Through specialisation, the company has developed in-depth knowledge of the travel market and has considerable experience in meeting customers travel insurance needs. CSP is totally committed to delivering quality solutions at competitive prices and, since its launch, its premiums have risen by considerably less than inflation because of the company s buying power, consistency and strong relationships with underwriters and insurers. ABOUT MERCER MARSH BENEFITS Mercer Marsh Benefits is a leading global provider of consulting, outsourcing and investment services, with more than 27,000 clients worldwide. Our consultants help clients design and manage health, retirement and other benefits and optimise human capital. Our network is a combination of Mercer and Marsh local offices around the world. Our benefits experts are located in 135 countries and service clients in more than 150 countries, and are deeply knowledgeable about their local markets. We work with clients to develop solutions that address global and country-specific challenges and opportunities. The team of qualified and experienced insurance staff fully understands the needs and demands of the corporate market. 4

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8 For further information, please contact your local Mercer office or visit our website at: Argentina Australia Austria Belgium Brazil Canada Chile Colombia Denmark Finland France Germany Hong Kong India Indonesia Ireland Italy Japan Mainland China Malaysia Mexico Netherlands New Zealand Norway Peru Philippines Poland Portugal Saudi Arabia Singapore South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates United Kingdom United States Venezuela Mercer Marsh Benefits is a service provided by Mercer Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No: Registered Office: 1 Tower Place West, Tower Place, London, EC3R 5BU. Marsh Ltd is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No: Registered Office: 1 Tower Place West, Tower Place, London EC3R 5BU. Copyright 2014 Mercer LLC. All rights reserved HB