Business Travel

 Eligibility

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 payout of $750,000 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 payout is limited to $5 million in total for the entire incident. If the sum of all the life benefits in an incident exceeds the maximum payout limit of $5 million, an insured’s payout shall be determined proportionally based on the sum of all the salaries. For an example of the maximum payout calculation, please refer to the Frequently Asked Questions.


The policy covers war and terrorism risks as long as the insured is not an active participant. Please refer to the policy for a complete list of exclusions.

 Frequently Asked Questions

This section provides you with answers to the most frequently asked questions about the Business Travel Accident (BTA) insurance benefit provided by Chubb.


Is this benefit the same as the life insurance benefit?

Basically, the business travel accident insurance is an additional life insurance policy that provides for financial benefit in the event of an employee’s death resulting from an accident during employer-sponsored overnight business travel. The beneficiaries listed for the Life benefit will also serve as the beneficiaries for the Business Travel Accident policy.


What is considered business travel?

Business travel is defined as a bona fide trip made on behalf of a Center that is approved in advance and requires an overnight stay.


When does the business travel coverage begin and end?

The business travel 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 terminates upon the insured’s return to his or her home or place of employment.


What is the amount of the benefit?

The benefit provides life coverage in the amount of 3 times salary up to a maximum payout of $750,000 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 payout is limited to $5 million in total for the entire incident. If the sum of all the life benefits in that incident exceeds the maximum payout limit of $5 million, an insured’s payout shall be determined proportionally based on the sum of all the salaries. Specifically, the payout amount is equal to an insured’s proportional salary percentage (the insured’s salary divided by the total of all salaries) times the maximum payout of $5 million.

Employee
Salary
Proportion       Payout
 1 $100,000  4.7%    $237,305
 2  $95,000  4.5%  $225,439
 3  $20,000  0.9%  $47,461
 4  $45,000  2.1%  $106,787
 5 $120,000  5.7%  $284,765
 6 $50,000  2.4%  $118,652
 7 $150,000
7.1%
$355,956
 8 $145,000
6.9%
$344,091
 9 $35,000
1.7%
$83,056
 10 $80,000
3.8% $189,843
 11 $165,000
7.8%
$391,552
 12 $265,000
12.6% $628,856
 13 $110,000 5.2% $261,035
 14 $192,000 9.1% $455,624
 15 $92,000
4.4% $218,320
 16 $135,000 6.4% $320,361
 17 $119,000 5.6% $282,392
 18 $87,000 4.1% $206,455
 19 $27,000 1.3% $64,072
 20 $75,000
3.6% $177,978
Total $2,107,000  100.00%  $5,000,000