finacial default not covered
Dec 22nd, 2001, 11:19 AM
#1
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finacial default not covered
I just received my final documents for 2/3/02 on the Mercury. Included was a notice of "Change of Coverage", that states that "losses caused as a result of a 'financial default' are not covered effective Oct 5, 01". This applies to all travel suppliers and common carriers. This eliminates the major reason for buying travel insurance.<BR><BR>The part that makes me mad is that I was not notified before receiving my final documents (too late to change my insurance carrier easily). There also no indication that I would receive a rebate even though the major portion of insurance is no longer in effect. This insurance is from "TSI cruise and tour company". All of a sudden I'm at risk for $6000. <BR>Has anyone else had this happen - it could be a major problem in this induustry.<BR><BR>Ken
Dec 22nd, 2001, 11:35 AM
#2
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Are you sure that the "Change of Coverage" applied only to Celebrity's insurance that you bought directly through the cruiseline.<BR><BR>I recently looked into insurance for a cruise I booked a month ago - Access America and TravelGuard still covered for cruiseline bankruptcy as long as it was a line that they covered (which included Princess, Celebrity, Carnival, RCCL, and many others).<BR><BR>It would not be too late to purchase insurance from either of these companies - you would just not have "pre-existing clause" applied which doesn't appear to be of a large concern to you.<BR><BR>Look into both of these companies - they both have great reputations.
Dec 22nd, 2001, 12:01 PM
#4
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It looks like TravelGuard - booked through the web - will only provide "financial default" if you book within 7 days of deposit.<BR><BR>Here are some other companies to look at that are supposed to be good: CSA, Travelex and Access America.<BR><BR>Sorry - missed the part about TSI.<BR><BR>Good luck!
Dec 23rd, 2001, 02:23 AM
#5
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Hi Ken,<BR><BR>Insurance is like buying tires. Most travel agents will explain in detail what is covered for each company's policy.<BR><BR>Access America does not cover some cruise lines and vacation packagers.<BR><BR>Travel Guard covers all and as Theresa states you must purchase the policy within 7 days of deposit. CSA will not cover financial default of anyone. They recently mailed a codicil.<BR><BR>FYI, you can cancel the policy within 10 days if you are not satisfied. The insurance company must be registered in your state in order to sell insurance to you. If you have a problem, call your state insurance commissioner.<BR><BR>In any event, fat chance of Celebrity going under.<BR><BR>Paul
Dec 23rd, 2001, 04:15 AM
#6
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Celebrity will not go under in the next several months (or ever). They are owned by RCCL.<BR><BR>Those cruiselines who have gone under recently - there were hints that that they were having financial problems for several months before they ceased operation.<BR><BR>I would just go and enjoy yourself.
Dec 25th, 2001, 10:02 AM
#7
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Ken- Travel Ex WILL cover for Banckrupcies--you can purchase the insurance at anytime prior to cruising--<BR>You only need to purchase 7 days after deposit for coverage in PRE_EXISTING CONDITONS_- <BR>I use TravelEx all the time- have used it for the last 8 years....
