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Can you insure travel against supplier insolvency?

February 23, 2017 Headline News No Comments Email Email

The challenge of insuring travel against agent or end-supplier insolvency is more complex than it seems.

Fred Schebesta, co-founder and director of finder.com.au, Australia’s largest comparison website, wrote in the Fairfax Traveller supplement that no travel insurance covered travel agent insolvency (see: What use insurance when your ship operator sinks?)

However, it seems that some policies may offer coverage, in certain circumstances.

To try to iron out the complexities, a site called Compare Travel Insurance has produced a handy list, with an interactive element that tells you what’s included.http://www.rembrandtbkk.com/

Compare Travel Insurance is owned and operated by CoverDirect Pty Ltd and powered by Compare Insurance. CoverDirect holds an Australian financial services licence that allows it to provide general travel insurance advice, including its comparison services. While it compares a range of policies, it does not compare all providers in the market.

You can access the list here. https://www.comparetravelinsurance.com.au/travel-insurance-tips/does-travel-insurance-cover-insolvency

The site notes: “If you think travel insurance covers insolvency you’re not alone. Most travellers expect their insurance to cover airfares, tour bookings and accommodation if a company collapses – but unfortunately, and to quote the Rolling Stones… you can’t always get what you want.

“Most standard policies do not provide protection for insolvency, collapse or default of airlines, travel agents, wholesalers, cruise operators, tour operators, hotels, car hire companies, railways or theme parks.”

Policies which may provide some coverage include those from the following insurers, as listed by Compare Travel Insurance.

  • AIG Insurance
  • Aussie Travel Cover
  • Commbank
  • Easy Travel Insurance
  • Go Insurance
  • Insure4Less
  • Insure and Go
  • Kango Cover
  • Multi-Trip
  • On Tour
  • Qantas
  • QBE
  • Sure Save
  • Tick Travel
  • Travel Insurance Saver
  • Travel Insuranz
  • Webjet

Compare Travel Insurance has simplified the insurer’s policy wording but reading the insurer’s Product Disclosure Statement remains essential.

Written by Peter Needham

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