Travel Insurance underwriting change for World Nomads New Zealand

World Nomads New Zealand Travel Insurance Travel Safety Adventures & Travel Journals

World Nomads has a new Underwriter

World Nomads New Zealand has changed underwriters and is now underwritten by certain Underwriters at Lloyd’s, and managed by Cerberus Special Risks. You are no longer be able to purchase or extend a policy underwritten by Allianz New Zealand.

If you have already departed New Zealand, then please note that a 3 day waiting period will apply unless your new policy starts immediately after the old Allianz policy expires.

What happens to claims and emergency assistance?

All claims will be serviced by Cerberus Special Risks. Emergency Assistance will be provided by Specialty Assist.

Does the level of cover change?

While the cover is very similar there are some changes which we have summarised below:

Underwritten by Allianz New Zealand	Underwritten by certain Underwriters at Lloyd’s
Overseas Medical Expenses NZD$5 million	Medical Expenses Incurred Overseas NZD$5 million
Cancellation Costs NZD$10,000	Cancellation Costs NZD$10,000
Medical Evacuation/Additional Expenses NZD$500,000	Medical Evacuation NZD$500,000
Luggage & Personal Effects NZD$2,500	Standard Luggage and Personal Effects NZD$2,500
High Value Items (World Nomads Plus) NZD$3,000	Specified Luggage & Personal Effects NZD$3,000
Personal Liability NZD$2.5 million	Personal Liability NZD$2.5 million
Loss of Travel Documents Reasonable costs	Loss of Travel Documents NZD$1,000
Claims Mondial Assistance Australia	Claims Cerberus Special Risks
Emergency Assistance Mondial Assistance Australia	Emergency Assistance Specialty Assist
Waiting period None	Waiting period If cover is taken out after you have left home to commence your trip, there is a waiting period of 3 days before the insurance takes effect. In the event of serious injury in connection with an accident, you will be covered from the date cover commenced subject to the accident being witnessed and verified by an independent third party. This limits potentially fraudulent claims while maintaining the ability of travellers to purchase while they are already overseas.
A break in your trip? With Allianz New Zealand, once you return back to your home in New Zealand your policy cover ends and if you leave again you need a new policy. (Definition of Home: Home means your usual place of residence in New Zealand)	A break in your trip? We have listened to our travellers who sometimes need to return home during their trips for family or other reasons. Our new policy means if you want to return to New Zealand during your trip for any reason that does not give rise to a claim under this policy, and you then wish to recommence your trip, you can do so under the same policy. You are not covered by this policy while in New Zealand. This is an new benefit for World Nomads travellers and provides better value for the entire period for which you have selected cover so you can keep travelling safely. Cover is still valid for the original travel dates but as always there is no cover while you are in New Zealand because who needs cover while they are at home. (Definition of Home: Home means New Zealand)

Why has World Nomads made this change?

This change allows us to assume more control over both the cover and service we provide to better meet the needs of our travellers.

What is Lloyd’s?

More than 300 years old, the Lloyd’s market is the world’s most senior insurance market. The Lloyd’s story began at Edward Lloyd’s coffee house in London’s Docklands where ship-owners could meet people with capital to insure them against loss of ships or cargos. Since then, Lloyd’s has grown from its humble marine insurance beginnings to become the world’s leading market place for specialist insurance.

The Underwriters at Lloyd’s have a passion for covering some of the world’s largest, most complicated and unique risks. Pretty much every industry and human endeavour has found the insurance protection that it needed in the Lloyd’s market.

The dynamism and innovation that this market generates appeals to our core values at World Nomads. We are very excited to be working with Lloyd’s to continue to improve the products and travel safety services that our members enjoy.