The Premium Yarn by Caveo - March 2024
The Premium Yarn - The One Insurance Blog that won't put you to sleep.
Welcome to this month's edition of the Premium Yarn!
Travel Smarts
Travel is a beautiful thing, isn’t it? I truly don’t think there is a more surreal feeling than getting on a plane and exploring the unknown. However, in modern times, there are also some things to be careful about.
As J.R.R Tolkien said, “It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.”
If you’re smart, you’ll have travel insurance, so if anything does go wrong, it’s basically a catch-all, right? You’d be forgiven for thinking that is the case. However, like all insurance, there are limits, exclusions, and sub-limits that can really trip you up, which is where having a broker can help.
Jewellery can already be a tricky one. For example, most travel insurance will only cover you up to $1,500 – so if you’re thinking of proposing or enjoying a honeymoon abroad, you’ll need to do your homework. Sure, some insurers make a small allowance for overseas travel, like Vero, who extend cover to Australia and the Pacific Islands, but once again, the devil is in the detail:
We’ll pay this benefit if all the following apply:
• Your entire trip is no longer than 30 days in total.
• A travel insurance policy doesn’t cover your contents.
• You report loss by theft or burglary to local police within 24 hours of discovering it.
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This is also only limited to $5,000 total - Vero, fortunately, also has a specific add-on where you can extend cover for jewellery worldwide for an extra premium. Not confusing at all, right!
We’ve only touched on one aspect of travel insurance, but there are a ton of things to note, whether it’s specific items not being covered, ensuring your medical benefits are going to be enough to cover you where you’re going, or if the various sub-limits are high enough to address any concerns you have, like missed connections, etc. Whatever the concern, please let us know prior so we can place our hand firmly on your shoulder and, with just the right amount of eye contact, tell you everything is going to be okay.
Caveo Updates
Outside of that, I have some morsels of good news here and there – you’ll be happy to know that we’ve had our most recent compliance audit at Caveo and that the advice we’re giving has been given the double thumbs up and there were no concerns on any fronts.
We celebrated our colleague Suz and her wedding. I got a chance to show everyone why I’m the “Caveo Boss” through my top-tier dance moves – if you deal with Graham or Suzanna at Velocity Financial, be sure to congratulate her 😊.
New Clients
We’ve also had a lot of new clients coming through, in both Commercial and Domestic. If you’re one of these new faces, Alice and I appreciate the vote of confidence and will continue to do our best – for some, it’s price, for others, it’s a lack of service – whatever the gripe, we’re always happy for an opportunity to look after you and any other friends/business owners in the same boat.
That should do it for another month, I reckon. As always, look after yourself, stay well, and give your dog a scratch for me.
‘As always, get in touch anytime.
Cheers,
Joshua
Joshua Rhind | General Manager
Caveo - powered by Velocity Financial
M: 027 384 6444
E: joshua@caveo.co.nz
Always get professional advice
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures https://www.velocityfinancial.co.nz/disclosure-statement.