Latest insolvency highlights need for financial protection for your holiday
The recent collapse of tour operator Elixir Holidays, who specialised in holidays to Turkey highlights the importance of making sure your holiday is protected against the risk of insolvency.
Holidays are a big investment financially and emotionally so if a holiday supplier ceases trading and we are unable to travel it can be devastating to our pockets and our souls.
How can you protect your holiday?
If you book a package or flight plus holiday (flight plus accommodation or flight plus car hire) from a bonded suppler your holiday will be ATOL protected. This means that the CAA will look after you if your holiday supplier becomes insolvent, helping you get home if you are abroad or helping you get your money back if you are still at home.
You should get an ATOL certificate when you book your holiday.
Travel insurance cover for financial failure
If you have booked your flight and accommodation separately and your holiday is not ATOL protected it is important to find another way to protect the money you’ve paid for your holiday.
This is where travel insurance with insolvency cover can help.
Not all travel insurance includes insolvency cover, often known as Scheduled Airline or End Supplier Failure, so it is important to check before you buy.
The good news is that insurewithease.com includes Scheduled Airline/End Supplier Failure cover on all policies.
With Scheduled Airline/End Supplier Failure, cover is provided in the event that one of your unbonded holiday suppliers, including airlines, hotels, car hire or accommodation suppliers, become insolvent, enabling you to make a claim to recoup the cost.
This means that you will be able to rebook that element of your holiday with an alternative supplier and continue your holiday as planned. If the insolvency occurs whilst you are away and it is not possible to continue with your trip cover is provided for return transport back to the UK.
Find out more about Scheduled Airline/End Supplier Failure