Last Updated: 05/26/2020 09:30AM ET
On April 23, 2020, Virgin Atlantic announced that it is having financial troubles and expects to enter into administration if it does not receive financial aid. The decision comes during a time where many airlines worldwide are experiencing financial troubles due to the COVID-19 pandemic.
Many travel insurance policies include coverage for the Financial Default of a travel provider, which is defined as an airline, cruise line, common carrier, or tour operator. Policies with this coverage can reimburse a traveler for their prepaid and non-refundable trip costs if their trip is canceled because their travel provider ceased operations for financial reasons.
The Virgin Atlantic Financial Default Travel Insurance Information Center explains coverage related to the situation. This database is regularly updated by Squaremouth’s travel insurance experts with answers to frequently asked questions, official provider position statements, travel alerts and notices, and other information as the situation develops. Information is subject to change at any time.
Questions? Squaremouth’s travel insurance experts are on hand to answer your questions about coverage for Virgin Atlantic entering into administration. We are available from 8am to 10pm ET daily chat and by phone at 1-800-240-0369.
In order to have coverage for Financial Default, travelers must purchase their policy within 10-21 days of making their initial trip deposit, depending on the policy.