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The basic concept of insurance is that it makes the person with the insurance, the insured, financially “whole” in the event that there is loss or damage to something of value that is protected or “covered.” Travel insurance is specialized insurance that protects the insured from financial loss in the event that an unforeseen situation negatively impacts the insured’s travel plans. Typically travel insurance covers financial losses associated with canceled, missed, or interrupted prepaid travel; lost, missing, or stolen luggage and personal belongings; and medical costs in a foreign country.

There are any number of reasons why a planned trip might be canceled or interrupted. These include situations that affect the traveler’s ability to travel, the ability of the provider of transportation or accommodations (lodging) to ...

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