IntroductionCronos Insurance Ltd, thereafter referred as “Cronos”, is a licensed (no.45013) external insurance company registered in the Commonwealth of The Bahamas under no. 205538B and is regulated by the Insurance Commission of the Bahamas.For more information on the company, please visit www.cronos-insurance.com
Travel Angel ™ is a life insurance for traveling policy offered and underwritten by Cronos that covers accidental fatalities during a travel event, as described in the below related section, where the benefit is a fixed amount payable to the designated beneficiary(ies).
Travel Angel ™ is an insurance service offered by Cronos and/or its network of insurance partners to the policyholder, thereafter, defined as the “client or policyholder” and when mentioned together with Cronos are named the “parties”.
The actual General Terms & Conditions document defines the general rights and obligations of the parties and serves for all information regarding this policy.
Key Information and Customer Service contactTravel Angel ™ product information, procedures and/or documents such as client on-boarding application, insurance policy schedule, General Terms & Conditions, claims or customer service are available exclusively online.
Customer Service: email@example.com (Monday-Friday 9:00am – 6:00pm EST)
DefinitionsThe following definitions apply for the purposes of the Insurance Policy thereafter in these General Terms & Conditions.
Insurance PolicyThe insurance contract comprising of the application process, policy certificate, these General Terms & Conditions and/or any documents provided by Cronos after the policy start date.
PolicyholderThe policyholder is the insured person who must be between the age of 18 and 80.
Policy CertificateThe document sent by Cronos to the policyholder confirming acceptance of the policy and all policyholder/beneficiary information, the policy number, the premium and the coverage period.
PremiumThe insurance premium paid by the policyholder to Cronos and/or its affiliates and partners for the insurance coverage.
Pricing PlanThe insurance package that covers the policyholder for a specific plan.
Policy Start DateThe date on which the insurance starts.
Maturity DateThe date on which the insurance coverage finishes as per the selected pricing plan.
Insured EventThe event of death of the Policyholder during a travel event (see Point 10).
BeneficiaryAny person designated on the policy certificate to receive the insurance benefit.
Benefit (Payout)The amount of U$ 100 000 to be paid out to the beneficiary after an insured event.
OnlineAny information or documents provided by Cronos by any electronic channels such as Internet, emails, smartphones and/or applications.
Business DayAny day, other than a Saturday, Sunday or public holiday in the Commonwealth of the Bahamas.
Insurance Commission of the BahamasAlso referred to as the ICB, is an independent regulatory agency with the responsibility for regulating all insurance activity in and through the Commonwealth of the Bahamas. It serves as the primary prudential and market conduct regulator, and provides ongoing monitoring and control of, amongst others, all external insurers.
A United States (US) PersonA person defined as a:
1. Contracting PartiesThe Policyholder also defined as the Insured person is a natural person taking out the Insurance Policy. The beneficiary is a person in whose favour the policy benefit is determined.
2. Policyholder On-boardingWhen applying for a new insurance coverage the Policyholder will be requested to create a log-in and password access and upload his/her identification document as well as a proof of address. After an automatic identification, a due diligence validation and upload of the required documents, a policy certificate will be generated and sent electronically. The policyholder can apply to a maximum of one insurance policy and no health questionnaire is required.
3. BeneficiaryThe Policyholder can appoint one or two beneficiaries who can be changed at any time before an insured event should occur. In case the beneficiary is a child (under 18-year-old), Cronos will pay the benefit to his/her account or to his/her legal parents should an insured event occur.
4. US Connected PersonsThe Policyholder shall immediately notify Cronos if after proceeding the online application, his/her or the beneficiary has become a US connected person.
5. What is coveredThe policy covers accidental death while traveling or commuting as a passenger of a:
6. Start of the Insurance CoverageThe policy comes into effect on the date when the policy certificate is generated. The date is determined after Cronos has approved the insurance application and required documents, usually the same day as the online insurance subscription. The insurance application is not legally binding for Cronos which has the right to accept or reject it without any explanation.
7. Premium Pricing PlanThe policyholder can choose between the following three coverage plans:
Premium policy payment is processed only through credit cards or Paypal. A 10-day free lock period is available from the date of receipt of your policy certificate, minus U$ 25 of pre-application screening costs. A reimbursement request should be sent to firstname.lastname@example.org.
8. Validity and Renewal of CoverageThe policy coverage is valid for the selected period and is renewed automatically for the same period. The policyholder could renew the policy with a different pricing plan term or cancel it according to the notice period of 7 days calendar.
9. Cancellation of PolicyThe Policyholder may terminate the policy any time, but no later than 7 days before the plan’s term.Example: if a 12-month plan starts on January 1st and ends on December 31st, the cancellation is accepted no later than December 24th midnight at local time of the policyholder time zone.
10. Insured event (accidental death)An insured event is considered valid when an unexpected incident affects the transport vehicle ability to perform its normal course and causes the Policyholder’s death.For 100% electric vehicles (EVs), only the vehicle’s owner, while driving, is covered if death is caused by a battery fire or explosion or an autopilot failure.
11. Benefit (Payout)Following an accidental death event, Cronos will pay to the beneficiary a benefit of USD 100,000 within 48 hours after approval of the claim process. When two beneficiaries are selected, the payout will be split as per the selected ratio. In case the beneficiary has died, the proceeds will be paid to the policyholder individual’s estate.
12. Limitation of CoverageThe policy insurance does not cover the death of the Policyholder caused by or when:
13. Regions CoveredCronos offers policy underwriting only online in the global regions of America, Europe and Asia.
14. Countries Not CoveredCronos is compliant with international sanctions lists and laws and excludes policy underwriting for countries and residents included in the OFAC and OFSI lists and outside of its regional scope of business.
15. Claim for an insured eventIn case of an insured event occurs (death of the Policyholder while being in a travel event), the beneficiary must immediately file for a Claim but no later than 60 days after the insured event. A claim could be registered exclusively online by accessing travelangel/claim and provide all the following information and documents:
On receipt of all the documentation, Cronos will assess the claim and will notify the beneficiary of its acceptance and payment of benefit.
16. Modifications of the PolicyCronos may amend or waive any provision of the Insurance Policy without the consent of the Policyholder to the extent possible under the laws of The Commonwealth of The Bahamas, by sending an online notification.
17. Policy Final TerminationThe insurance policy will automatically terminate after:
18. KYC & Due Diligence (DD)As per know-your- customer (KYC) rules and anti-money laundering laws and regulations of the Commonwealth of The Bahamas, Cronos applies the following Due Diligence (DD) procedures:
19. CorrespondenceAll correspondence regarding the Insurance policy is accessible and/or transmitted through the portal at www.travelangel.life or by email from/to email@example.com.
20. ConfidentialityCronos shall be under no obligation to disclose the terms of the policy to any person unless it is:
21. Data ProtectionAccording to applicable data protection law, Cronos collects personal information data from the policyholder, the beneficiary and business partners. These data will be recorded and stored for the purposes of:
For the above purposes, the personal data may be shared with brokers, distribution partners, reinsurers, due diligence agencies and other service providers. Cronos does not share the personal data with third parties for marketing purposes. Due to the global nature of Cronos´ business, personal data may be transferred and/or secured in other countries, including the USA, Europe or Asia.By subscribing to the Insurance Policy, the policyholder as well as the beneficiary consent to the collecting and processing of their personal data as described above and acknowledge their right to access, and where necessary, correct any such personal data.Appropriate legal and high standard security measures are selected carefully and used to protect the personal data information.
22. Exceptional CircumstancesGiven the nature of its business, Cronos partners with international reinsurance groups in order to cover exceptional situations that could affect its business operations.
Notwithstanding the paragraph above, Cronos may suspend the policyholder’s rights or provisions if truly exceptional circumstances so require. Any possibility between modification and delay of the policy benefit will be made in the best interest of the policyholder.
23. Applicable Tax RegimeThe tax regime applying to a beneficiary paid by Cronos in case of an Insured Event, may vary according to various factors such as; country of residence, citizenship and nationality the beneficiary.It is the responsibility of the policyholder and beneficiary to comply with all applicable tax laws and regulations of their country of tax residence. Cronos does not provide legal or tax advice and recommends that the policyholder and beneficiary seek independent advice for their situation in respect to this Insurance Policy.
24. SeveranceThe inaccuracy or invalidity of all or part of any provision of the policy will not affect the validity of the policy as a whole. If a provision of the policy (or part of any provision) is found illegal, invalid or unenforceable, the provision will apply with minimum modification in order to make it legal and valid.
25. Applicable LawThe parties agree that the General Terms & Conditions shall be governed by and construed in accordance with the laws of The Commonwealth of The Bahamas.
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