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Ask Our Specialists
Financial default coverage in Patriot T.R.I.P. Could you please explain me the financial default coverage in Patriot T.R.I.P - Trip cancellation insurance?
Patriot T.R.I.P. also includes “financial default� which is defined as: “The complete suspension of operations due to financial circumstances whether or not a bankruptcy petition is filed, or a partial suspension of operation following a filing of a bankruptcy petition in a court of competent jurisdiction under Chapter 7 or Chapter 11 of the US Bankruptcy Code.� There is a 30 day waiting period before the Financial Default benefits go into effect. "It means that at the effective date of the Trip plan you purchase, you must wait 30 days before the financial default provision is effective. So, for example, you purchase the Trip plan today for a cruise in May, the financial default provision won’t be effective until February 19. If the cruise line goes out of business before February 19, there is no benefit for financial default. " And you can buy it online at /trip-cancellation-insurance/
Thank you for sending the information, so far it looks like it may work for us. Would you please check that if it applies for tickets purchased direct from the supplier, as we purchased the tickets from US Airways website online. Sometimes this is an exclusion for financial default, and we need to make sure that is not the case here. Also, is the premium you mentioned for only the trip cancellation part, or does it include any medical? Thank you for your help...
As US Airways has already filed for bankruptcy, you can't get coverage for that.
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DISCLAIMER: Information presented in our Questions and Answers section is generic and was deemed to be accurate at the time of response. Please use the answers as a guide and do not make decisions based on the answers. The answers presented may be outdated and altogether inaccurate currently or not relevant as the details provided such as the insurance terms and conditions, plan benefits, eligibility and coverage may have changed. Insubuy assumes no responsibility for relying on such answers. You should review the latest certificate wording of the insurance policy (available on this website) for the product you are considering for the latest and complete details. If there is any conflict between the answers provided here and the certificate wording, the details of the certificate wording will prevail.
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