Does your travel insurance cover offer you insolvency cover if the airline or travel agent goes bust?
Until recently, there has been very little cover offered in any travel insurance policy that will protect the traveller from the insolvency of a travel provider such as an airline or a travel agent. For example we have seen the difficulties of 1time, Velvet Sky and other airlines that barely got off the ground, yet took a lot of money off many understandably angry people.
Travel suppliers – defined as the scheduled airline, cruise line, railway line, coach transportation, car hire, or hotel accommodation.
In the difficult times that we are in the demand for such a product has naturally increased andwe are happy to say that Travelinsure is now able to provide travel supplier insolvency cover in our travel insurance policies. Thus, in the event that your journey, or a portion of your journey, is cancelled before your departure due to the financial insolvency or liquidation of the travel supplier with which you booked and purchased your travel arrangements, we will reimburse you for any irrecoverable expenses paid in advance.
In the event of financial insolvency or default of the travel supplier after your departure and if you are unable to return to your Country of Residence on the scheduled flight, we will pay the cost of an economy class airline ticket for you to return to your country of residence.