The Business Travel Accident (BTA) insurance provides for financial benefit in the event of an employee’s death resulting from an accident during employer-sponsored overnight business travel. This policy is underwritten by Chubb Group of Insurance Companies.
Any full-time and part-time employees of a member organization of AIARC, including short-term and long-term consultants, are eligible for coverage under the Business Travel Accident Policy.
The coverage is only available while an employee is on a preapproved business trip, away from his or her place of employment, with an overnight stay. Coverage begins at the start of the trip, whether it be from an insured’s place of employment, his or her home or other location, and coverage terminates upon the insured’s return to his or her home or place of employment, whichever shall first occur.
The benefit provides life coverage in the amount of 3 times salary up to a maximum pay-out of $1.2 million per employee or a payout of $50,000 or $100,000 for short-term employees and consultants. However, in the case of multiple deaths in one incident, the maximum pay-out is limited to $15 million in total for the entire incident. If the sum of all the life benefits in an incident exceeds the maximum payout limit of $15 million, each insured’s payout will be determined proportionally based on the sum of all the salaries. The policy covers war and terrorism risks as long as the insured is not an active participant.