Covered after 14 day wait if purchased before the final trip payment
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.
TRIP CANCELLATION BENEFIT
Benefits will be paid, up to the amount in the Schedule, for the forfeited, prepaid, non-refundable, non-refunded and unused published Payments that you paid for your Trip, if you are prevented from taking your Trip due to one of the following unforeseeable Covered Events that occur before departure on your Trip to you or your Traveling Companion, while your coverage is in effect under this Policy.
3. Common Carrier delays and/or cancellations resulting from Financial Insolvency, provided you purchased this coverage prior to or within 24 hours of your final Payment for your Trip;
TRIP INTERRUPTION BENEFIT
If your arrival on your Trip is delayed beyond your Scheduled Departure Date, or if you are unable to continue the Trip due to one of the unforeseeable Covered Events listed below that occur during your Trip dates to you or your Traveling Companion, we will reimburse you for the unused, non-refundable land or water arrangements prepaid to the Travel Supplier prior to departing on your Trip, less any refunds paid or payable, plus one of the following:
a. Additional transportation expenses incurred to reach your scheduled destination if your departure is delayed and you leave after the Scheduled Departure Date and time; or
b.Additional transportation expenses incurred for you to reach the final return destination of your Trip; or
c. Additional transportation expenses incurred to rejoin the Trip in progress from the point where you interrupted your Trip.
3. Common Carrier delays and/or cancellations resulting from Financial Insolvency, provided you purchased this coverage prior to or within 24 hours of your final payment for your Trip;
FINANCIAL INSOLVENCY means the total cessation or complete suspension of operations due to insolvency, with or without the filing of a bankruptcy petition, whether voluntary or 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 jurisdiction of operation other than the entity or the person, organization, agency or firm from whom you directly purchased or paid for your 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.