| The beginning of the new millennium will be | | | | events, which should have caused people to |
| remembered as one of the worst times for event | | | | understand the need to protect their investments. |
| organizers world-wide. A sequence of disastrous | | | | Although rates in the past decades have been quite |
| events caused hundreds of thousands tourists to | | | | reasonable, most prospective customers did not |
| cancel their holidays. Weddings, family events, | | | | purchase any kind of protection. The saying, "It won't |
| children's summer camps, and thousands of | | | | happen to me," led millions of travelers all around the |
| commercial events and conventions were cancelled. | | | | world to refrain from purchasing travel insurance (or |
| Hurricanes, earthquakes, tsunamis, terror attacks | | | | to ensure that their cover includes a Cancellation |
| caused not only direct vast damages but also | | | | Clause), which resulted in somewhat higher premium |
| collateral damage to millions of individuals and | | | | rates, as the spread of risk was smaller than the |
| businesses. | | | | potential. Most of those organizing events - private or |
| The resulting financial damage is huge. Empty hotels, | | | | commercial - ignored history, and smiled when nothing |
| lost deposits, travel agencies with no income, airliners | | | | happened and the event was over. For those who |
| that fly almost empty, lost income to wholesalers, | | | | saw the risk materialize, no smile could help. |
| organizers and many individuals - and the list goes on. | | | | The insurance market can only offer the products. It |
| The estimated losses are stated in billions of dollars | | | | cannot purchase them instead of the at-risk |
| (according to the publications of the numerous | | | | customers. However, it is important to elevate the |
| insurance companies). | | | | level of awareness in the general public, to ensure |
| This scenario is familiar to the insurance industry: | | | | better protection to the public. |
| those companies who write Travel Insurance that | | | | The big numbers look a bit remote from the individual |
| includes a Cancellation Fees Clause; those who write | | | | whose story is the wedding reception of his son or |
| Special Events with Cancellation Fees Clauses; and | | | | daughter, and whose relatively small deposits for the |
| those insurance companies who write Political | | | | reception hall and the caterers are now lost. An |
| Coverage (many of which are state-owned | | | | additional average expense of $100 could now save |
| organizations). | | | | this money, and ensure his ability to celebrate the |
| Although this scenario is well-known, the actual loss | | | | occasion at a later date. |
| sustained by the insurance industry is by far lower | | | | The small stories are those that should alert you, the |
| than the actual loss sustained by the tourism | | | | reader - personally or as an insurance broker or agent |
| industry, the canceling individuals and many others. | | | | - to ensure that next time, you will not be caught |
| The reason is Awareness. | | | | without protection. |
| In the past century the world witnessed many | | | | |