• International Insurance Blog

  • Thursday, February 22, 2018

  • What is trip cancellation financial default coverage?

    Filed Under: FAQ
    Author: Anupama

Q: What is trip cancellation financial default coverage?

A: The Financial Default protection benefit is part of the Trip Cancellation/Interruption benefit. The trip cancellation financial default coverage insures against financial loss. Financial default coverage applies if the airline, cruise line, or tour operator goes out of business and you are unable to travel or suffer financial loss. In order for trip cancellation financial loss to apply, coverage must be purchased within 7 - 21 days (depends on company) of the initial deposit. After determining if you qualify for the benefit, some of the plans have 7-14 day waiting period before the benefit would become effective. Additionally, this benefit would be only available if the airline, cruise line or tour operator was not in bankruptcy at the time you purchase your travel insurance policy and in the case of Access America, is listed on their list of approved companies and in the case of Travel Guard, is not on their list of disapproved companies.

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