Medical and travel insurance soon mandatory for all travelers
28 Feb 14
What is the change? New regulations mandate that all travelers to and from Venezuela show proof of medical and travel insurance.
What does the change mean? Travelers must demonstrate to airlines and other transportation carriers that they are covered for medical expenses and travel losses during their stay.
- Implementation timeframe: March 30 for passengers leaving Venezuela and May 1 for passengers entering Venezuela.
- Visas/permits affected: All visas.
- Who is affected: All travelers.
- Impact on processing times: None.
- Business impact: The cost of medical and travel insurance coverage must be factored into
Background: The regulations require all travelers to have medical insurance covering expenses for any accidents or diseases, with a minimum coverage of 26,500 SDRs (Special drawing rights), equivalent to approximately US$40,000, and travel insurance for loss or damage of baggage with minimum coverage of 600 SDRs, or roughly US$900. The insurance must remain valid for at least 45 days.
Airlines are required to check the insurance coverage of passengers leaving Venezuela beginning on March 30, and for passengers entering Venezuela starting May 1. Other types of transportation carriers will be required to check passengers’ insurance coverage as of May 1.
BAL Analysis: The new rules may impact cost for travelers who otherwise would not have medical or travel coverage.
This alert has been provided by the BAL Global Practice group and our network provider located in Venezuela. For additional information, please contact your BAL attorney.
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