What is Insolvency?

Insolvency - what it is and cover provided.

Insolvency means bankruptcy, provisional liquidation, liquidation, appointment of a receiver or administrator, entry into a scheme of arrangement, statutory protection, stopping the payment of debts or the happening of anything of a similar nature under the laws of any jurisdiction.

Cover for Travel Services Provider Insolvency can be found under our Comprehensive, Basic, and Annual Frequent Traveller plans.

Cover is provided under Event 2.8: Your travel services provider becomes insolvent as follows:

Due to the insolvency of a travel services provider, we will cover:

1.The value of any unused pre-booked arrangements that you can’t use as a result of the insolvency, less any refunds due to you.

2. The reasonable cost of rearranging your trip prior to and after the commencement of your trip, provided that this cost is not greater than the cancellation fees or lost deposits which would have been incurred had the trip been cancelled.

Please note that trip limits apply - full details and conditions can be found in your PDS.

Under the SureSave policy, a Travel Service Provider is a scheduled services airline, hotel operator, resort operator, car rental agency, bus, cruise line and railway operator.

Last Updated: Oct 10, 2016 04:48PM AEDT

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© SureSave Pty Limited ABN 82 137 885 262 AR 339902 is an authorised representative of nib Travel Services (Australia) Pty Ltd ABN 81 115 932 173, AFS Licence No. 308461. This is general advice and you should consider if this product suits your needs. Before you buy, please read the Product Disclosure Statement available from us. This insurance is underwritten by XL Insurance Company SE, Australia branch (ABN 36 083 570 441).