In some less palatable news, travel insurance experts have warned guests of the soon-to-collapse Crystal Cruises that they will now have trouble getting any travel insurance for the shutdown of the cruise company as its parent company Genting Hong Kong has officially stopped making payments to creditors.
Squaremouth’s Kasara Barto told The Points Guy: “As Crystal Cruises’ parent company has announced they are having financial difficulties, some travel insurance providers consider it to be a foreseen event and have excluded it from coverage.”
Barto went on to explain that in order for travellers to receive compensation for the travel supplier going out of business, they would need to have bought their travel insurance policy, complete with its standard ‘financial default’ coverage, before the financial circumstances that led to the suspension of operations were known. “In order for the financial default benefit to apply, a policy must have been purchased before the business was impacted or financial issues became known, so coverage may be limited if a travel supplier has already declared financial hardship,” she said.
Barto added that some travel insurance providers may still be providing coverage on new policies for the financial default of Genting Hong Kong-owned cruise lines. “If travellers are specifically looking for coverage for Crystal Cruises, they should contact their travel insurance provider directly to confirm coverage is still available,” she said.
Read the full ITIJ article online here: https://www.itij.com/latest/news/fred-olsen-announces-plan-restart-cruises