Life happens… flight cancellation insurance is a fully reimbursable expense and mitigates risk to the University in situations where travel cannot be completed due to an emergency. University of Toronto business travellers are strongly encouraged to purchase flight cancellation insurance when booking airfare.
Note that the lowest available fare is often lower than economy fare, but travellers should take into consideration such low fares often have restrictions such as being non-transferable or non-refundable. This should be taken into consideration when travel plans may be subject to change.
Airfare can be reimbursed as soon as the cost has been incurred, i.e. there is no need to wait until the travel has been completed. Airfare costs will be processed as an expense reimbursement and not as part of an accountable advance. If the airfare was previously reimbursed and then subsequently cancelled, the travellers must return a cheque to the University of Toronto for the full insurable amount.
Situations not covered through cancellation insurance should be discussed with the department head and follow the guidelines as outlined in the Guide to Financial Management (see link below).
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