In a move to meet changing market and business circumstances, the Marina Industries Association (MIA) will no longer provide Travel Insurance for its members. The cost of Travel Insurance is considerable for Association bodies and the benefit of the offering has to be measured against the benefit offered across the membership as a whole.
The MIA said: “Members are advised that as of 1 January 2022 the MIA will no longer offer travel insurance to members as part of its membership subscription. The travel insurance landscape has changed dramatically since the beginning of the pandemic and continues to do so. The corporate policies available on the market now represent significantly less value than prior years and are burdened by a complex list of exclusions and conditions. In addition, the cost of the policy was set to increase 5-fold!!
Earlier in the year when the MIA surveyed members, we asked about your reliance on MIA travel insurance. The result was that only 8% of members reported that they relied on MIA travel insurance. 30% noted they take their own corporate policy, 28% noted they take out insurance separately and 15% rely on their insurance provided by their credit card provider.
The MIA Board determined that the huge additional expense increase was not feasible and fair to pass on to the majority of members when only 8% of members use the facility. The MIA Board further determined, that given funds will be saved by not taking a member travel policy that membership subscription fees will be held for 2022 – the second year in a row.
While it is understood that this may disappoint those members who did rely on MIA insurance, it is hoped that members understand the Board has made this decision for the greater good of all members and that the value has been returned to members through lower subscription fees. Members are reminded that the BIA continues to offer corporate travel insurance and those marinas that are members of the BIA can rely on this policy. Given the changing landscape in this area, we do recommend to members that you check your coverage before you travel, particularly any exclusions”.