Financial Default

FINANCIAL INSOLVENCY means the total cessation or complete suspension of operations due to insolvency, with or without the filing of a bankrupty petition, whether voluntaryor involuntary, by a tour operator, cruise line, airline, rental car company, hotel, condominium, railroad, motor coach company, or other supplier of travel services which is duly licensed in the state(s) of operation other than the entity or the person, organization, agency or firmfrom whom you directly purchased or paid for your Covered trip provided the Financial Insolvency occurs more than 14 days following your effective date for the Trip Cancellation Benefits. There is no coverage for the total cessation or complete suspension of operations for losses caused by fraud or negligent misrepresentation by the supplier of travel services.

If You purchase RoundTrip within ten (10) days of Your initial Trip payment* and for the full non-refundable cost of Your Trip, You will be eligible for benefits up to a maximum limit of $20,000 or the benefit amount protected, whichever is less, due to the Bankruptcy or Default of an airline, cruise line, or tour operator (other than the travel agent or Travel supplier that solicited this Protection Plan and from whom You purchased Your Travel Arrangements) which stops service more than fourteen (14) days following Your Protection Plan Effective Date. Your scheduled Departure Date must be no more than fifteen (15) months beyond the Effective Date of Your Protection Plan. Benefits will be paid due to Bankruptcy or Default of an airline only if no alternate transportation is available. Coverage does not apply if the petition for Bankruptcy was filed prior to the Effective Date of Your Protection Plan. If alternate transportation is available, benefits will be limited to the change fee charged to allow You to transfer to another airline in order to get to Your intended destination. The Bankruptcy or Default benefit is excess and secondary to all other forms of indemnity..

Coverage for Financial Insolvency is included if:

1) Your enrollment form and your premium payment is received (or, if mailed, is postmarked) within 15 days of the date your initial Trip deposit is received

“Financial Insolvency” means the total cessation of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, cruise line, or airline provided the Financial Insolvency occurs more than 15 days following your effective date for the Trip Cancellation Benefits. There is no coverage for the Financial Insolvency of any person, organization, agency or firm from whom you purchased travel arrangements supplied by others.

Financial Default of a tour operator, airline or cruise line provided that:
a. On the Policy effective date, the tour operator, airline or cruise line was approved for the Financial Default coverage by the Company. For a current list of approved suppliers refer to www.elvia.us , or call 1-888-489-3227;and
b. The insurance was purchased within 14 calendar days of the initial Trip deposit or payment.

The Company will not cover losses resulting from a Financial Default of the person, organization, agency or tour operator, or their affiliate companies, that solicited this coverage, and/or Your insured travel arrangements to You. Financial Default occurring on or before the Policy effective date or less than 7 days after the Policy effective date is not covered. The Company reserves the right to substitute a Trip of similar value in lieu of cash payment.

1) Your enrollment form and your premium payment is received (or, if mailed, is postmarked) within 15 days of the date your initial Trip deposit.

Bankruptcy and/or Default of Your Travel Supplier which occurs more than 14 days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the agency from whom You purchased Your Land/Sea Arrangements. This coverage applies only if this Plan was purchased within 15 calendar days of initial Trip payment.

“Bankruptcy” means the filing of a petition for voluntary or involuntary Bankruptcy in a court of competent jurisdiction under Chapter 7 or Chapter 11 of the United States Bankruptcy Code 11 L.S.C. Subsection 101 et seq.

The Insurer will pay a benefit, up to the maximum shown on the Schedule of Coverages and Services, if You cancel Your Trip or are unable to continue on Your Trip due to the following Unforeseen events: Bankruptcy and/or Default of Your Travel Supplier which occurs more than 14 days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the agency from whom You purchased Your Land/Sea Arrangements. This coverage applies only if this Plan was purchased within 15 calendar days of initial Trip payment.

“Bankruptcy” means the filing of a petition for voluntary or involuntary Bankruptcy in a court of competent jurisdiction under Chapter 7 or Chapter 11 of the United States Bankruptcy Code 11 L.S.C. Subsection 101 et seq.

Bankruptcy and/or Default of Your Travel Supplier which occurs more than 14 days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the agency from whom You purchased Your Land/Sea Arrangements. This coverage applies only if this Plan was purchased within 15 calendar days of initial Trip payment.

“Bankruptcy” means the filing of a petition for voluntary or involuntary Bankruptcy in a court of competent jurisdiction under Chapter 7 or Chapter 11 of the United States Bankruptcy Code 11 L.S.C. Subsection 101 et seq.

Bankruptcy or Financial Default of a Travel Supplier (other than the Travel Supplier from whom the Insured purchased this coverage) which stops service more than 30 days following the Insured’s Effective Date.

Bankruptcy or Financial Default of a Travel Supplier within 30 days of the Insured’s Effective Date is excluded from coverage. For the Bankruptcy or Financial Default coverage to apply, the coverage must be purchased within 14 days from the date of the initial deposit for the Covered Trip.

You will be covered if your Travel Supplier does not provide the contracted services due to a total cessation or complete suspension of operations due to fi nancial insolvency as long as:

1. You purchased this insurance within 15 days of the initial trip deposit/payment; and
2. The default is caused by a travel supplier other than the travel agency or organization from whom you purchased the travel arrangements; and
3. It occurs: more than 15 days following your policy effective date; or, after your scheduled departure date.

Coverage for Financial Insolvency is included if:

1) Your enrollment form and your premium payment is received (or, if mailed, is postmarked) within 15 days of the date your initial Trip deposit is received

“Financial Insolvency” means the total cessation of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, cruise line, or airline provided the Financial Insolvency occurs more than 15 days following your effective date for the Trip Cancellation Benefits. There is no coverage for the Financial Insolvency of any person, organization, agency or firm from whom you purchased travel arrangements supplied by others.

Trip Cancellation/Trip Interruption: The Insurer will pay a benefit, up to the maximum shown on the Schedule of Coverage and Services, if You are prevented from taking or continuing Your Trip due to the following Unforeseen events

• Bankruptcy or Default of Your Travel Supplier which occurs more than 14 days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the travel agent or Travel Supplier that solicited this protection plan and from whom You purchased Your Land/Sea Arrangements. Benefits will be paid due to Bankruptcy or Default of an airline only if no alternate transportation is available. If alternate transportation is available, benefits will be limited to the change fee charged to allow You to transfer to another airline in order to get to Your intended destination. You must purchase Your plan within 14 days of Your initial Trip deposit.

Trip Cancellation/Trip Interruption: The Insurer will pay a benefit, up to the maximum shown on the Schedule of Coverage and Services, if You are prevented from taking or continuing Your Trip due to the following Unforeseen events:

• Bankruptcy or Default of Your Travel Supplier which occurs more than 14 days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the travel agent or Travel Supplier that solicited this protection plan and from whom You purchased Your Land/Sea Arrangements. Benefits will be paid due to Bankruptcy or Default of an airline only if no alternate transportation is available. If alternate transportation is available, benefits will be limited to the change fee charged to allow You to transfer to another airline in order to get to Your intended destination. You must purchase Your plan within 14 days of Your initial Trip deposit.

You are covered for the amount purchased for Published Penalties and unused non-refundable prepaid expenses for Travel Arrangements, whenever You are prevented from taking a Covered Trip for any of the following reasons that occur after the Effective Date of Your Protection Plan:

• Unforeseen Bankruptcy or financial Default of a Travel Supplier (other than the travel agency or organization from whom You purchased the Travel Arrangements) which stops service after Your Covered Trip departure or more than 14 days following Your Protection Plan Effective Date. This coverage applies only if it was purchased within 21 days from the date the initial deposit is paid on the Covered Trip;

Financial Default of an airline, cruise line, or tour operator resulting in the complete cessation of services. Excluded is the organization from which the Insured purchased his/her Trip or this coverage. Financial Default occurring on or before the Insured’s coverage effective date or less than 14 days after the Insured’s coverage effective date will not be covered. This coverage applies only if insurance was purchased within 21 calendar days of “initial Trip payment.”

“Financial Default” means either (a) the complete suspension of operations due to financial circumstances, whether or not a bankruptcy petition is filed; or (b) a partial suspension of the operations following a filing of a bankruptcy petition.

Financial Default of an airline, cruise line, or tour operator resulting in the complete cessation of services. Financial Default occurring on or before the Insured’s coverage effective date or less than fourteen days after the Insured’s coverage effective date will not be covered. This coverage applies only if insurance was purchased within fifteen calendar days of Initial Trip payment. (Day one is the date the initial Trip payment is received.).

Bankruptcy/Financial Default coverage, will apply if you enroll in the protection plan within 10 days after making your initial trip deposit and for the full non-refundable cost of your trip.

You will have benefits in the amount purchased for unused non-refundable prepaid expenses for travel arrangements, whenever you are prevented from taking a trip for any of the following reasons that occur after the effective date * of your protection plan:

Bankruptcy and/or Default of Your Travel Supplier which occurs more than 10 days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the agency from whom You purchased the Land/Sea Arrangements. Your Scheduled Departure Date must be no more than 15 months beyond Your Effective Date. Benefits will be paid due to Bankruptcy or Default of an airline only if no alternate transportation is available. If alternate transportation is available, benefits will be limited to the change fee charged to allow You to transfer to another airline in order to get to Your intended destination.

Benefits will be paid up to the Maximum Benefit Amount purchased to cover an Insured for the Published Penalties and unused non-refundable prepaid expenses for Travel Arrangements when an Insured is prevented from taking his or her Covered Trip due to:

• Bankruptcy or Default of an airline or cruise line, or tour operator or travel supplier (other than the tour operator or travel agency from whom the Insured purchased their travel arrangements) causing a complete cessation of travel services more than 14 days following the Insured’s Effective Date. Benefits will be paid due to Bankruptcy or Default of an airline only if no alternate transportation is available. If alternate transportation is available, benefits will be limited to the change fee charged to allow the Insured to transfer to another airline in order to get to the Insured’s intended destination. This benefit only applies if the policy has been purchased prior to or within 24 hours of the Insured’s final payment for the Covered Trip

Bankruptcy means the filing of a petition for voluntary or involuntary bankruptcy in a court of competent jurisdiction under Chapter 7 or Chapter 11 of the United States Bankruptcy Code 11 L.S.C. Subsection 101 et seq.

Financial Default of an airline, cruise line, or tour operator resulting in the complete cessation of services. Excluded is the organization from which the Insured purchased his/her Trip and this coverage. Financial Default occurring on or before the Insured’s coverage effective date or less than fourteen days after the Insured’s coverage effective date will not be covered. This coverage applies only if insurance was purchased within fifteen calendar days of “initial trip payment.” “Initial trip payment” means the date the first deposit is made to the Insured’s Travel Agent toward the cost of his/her Trip.

Bankruptcy and/or Default of Your Travel Supplier which occurs more than fourteen (14) days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the agency from whom You purchased the Land/Sea Arrangements. Your Scheduled Departure Date must be no more than twelve (12) months beyond Your Effective Date. Benefits will be paid due to Bankruptcy or Default of an airline only if no alternate transportation is available. If alternate transportation is available, benefits will be limited to the change fee charged to allow You to transfer to another airline in order to get to Your intended destination.

Bankruptcy and/or Default of Your Travel Supplier which occurs more than fourteen (14) days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the agency from whom You purchased the Land/Sea Arrangements. Your Scheduled Departure Date must be no more than twenty four (24) months beyond Your Effective Date. Benefits will be paid due to Bankruptcy or Default of an airline only if no alternate transportation is available. If alternate transportation is available, benefits will be limited to the change fee charged to allow You to transfer to another airline in order to get to Your intended destination.

Bankruptcy: means the filing of a petition for voluntary or involuntary bankruptcy in a court of competent jurisdiction under Chapter 7 or Chapter 11 of the United States Bankruptcy Code 11 L.S.C. Subsection 101 et seq.

This Benefit is not available within this plan