Covered after 14 day wait if purchased within 14 days of trip deposit
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.
We will pay a benefit, up to the maximum shown on the Schedule of Benefits, if You are prevented from taking Your Covered Trip due to any of the Unforeseen Events listed below occurring on or after the Effective Date of the Policy. Maximum trip length is also shown on the Schedule of Benefits.
We will pay You for the following:
a) The amount of forfeited, non-refundable, and unused Payments or Deposits; or
b) Additional cost incurred if the Travel Supplier cancels Your Covered Trip due to an Unforeseen Event and You elect to utilize the service of a replacement Travel Supplier.
We will pay a benefit, up to the maximum shown on the Schedule of Benefits, if You are prevented from continuing or resuming Your Covered Trip due to any of the Unforeseen Events listed below occurring on or after the Effective Date of the Policy.
We will pay You:
a) for the unused, non-refundable travel arrangements prepaid to the Travel Supplier(s);
b) additional transportation expenses incurred by You; or
c) return air travel up to the lesser of the cost of an economy flight or the amount shown on the Schedule of Benefits.
The Following are the Unforeseen Events for Trip Cancellation and Trip Interruption:
i) Bankruptcy and/or Default of Your Travel Supplier that occurs more than 14 days following the Effective Date. Your Scheduled Departure Date must be no more than 12 months beyond the 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. This coverage only applies if the Policy was purchased within 14 calendar days of the initial Trip payment.