Financial Default

• Cancellation
  • Financial Default

  • Covered after 14 day wait if purchased within 15 days of trip deposit

• What is Financial Default?
  Financial Default can reimburse a traveler’s trip costs if they need to cancel because of a complete suspension of operations by their travel supplier due to financial circumstances, whether or not bankruptcy is filed.

• What am I covered for?
  TRIP CANCELLATION

  The Company will reimburse for the Forfeited, pre-paid Trip Costs up to the Maximum Limit shown in the Schedule if the Insured’s Trip is cancelled prior to the scheduled Departure Date and time for an Unforeseen Covered Event listed below. If the Insured has part of their trip cancelled or changed, prior to the scheduled departure date and time, the Company will reimburse for:

  a) Additional transportation expenses to reach the original Trip Destination; and

  b) Unused portion of the non-refundable pre-paid insured Trip Costs.

  The benefit payable under (a) above will not exceed the cost of economy airfare or the same class as the Insured’s original ticket by the most direct route, less any refunds paid or payable.

  TRIP INTERRUPTION

  The Company will reimburse up to the Maximum Limit shown in the Schedule if the Insured’s Trip is interrupted after the scheduled Departure Date and time for an Unforeseen Covered Event listed below. The benefit will be limited to the:

  a) Unused portion of non-refundable pre-paid insured Trip Cost; and

  b) Additional transportation expenses to either the Return Destination; or from the place that the Insured left the Trip to the place that they may rejoin the Trip; or

  c) Additional transportation expenses to reach the original Trip Destination if the Insured is delayed and leaves after the Departure Date.

  The benefits payable under (b) and © above will not exceed the cost of economy airfare or the same class as the Insured’s original ticket by the most direct route, less any refunds paid or payable.

  UNFORESEEN COVERED EVENTS

  Other:

  i) The Financial Default of a Travel Supplier, provided all of the following conditions are met:
  1) This policy is purchased within the Early Purchase Window; and
  2) The default occurs more than 14 days following the Policy Effective Date.

  The Company will reimburse for the Forfeited, pre-paid Trip Costs up to the Maximum Limit for FinancialDefault shown in the Schedule. If the Insured books with a comparable Travel Supplier, the Company will ay for the additional expenses to book with the new Travel Supplier.

  The Company will not cover Losses resulting from a Financial Default of any person, organization, agency, Travel Supplier, or firm that directly procured travel arrangements for the Insured.

  EARLY PURCHASE WINDOW: Within 15 days of Initial Trip Payment.