Travel insurance can provide relief for a traveler in the event that a travel supplier goes into financial default. This does not necessarily mean bankruptcy, rather, the company undergoes a total cessation or complete suspension of operations due to insolvency. Most companies do not provide this coverage if the insurance is purchased directly from the tour operator. Also, some companies have a limit on the time in between making the initial trip deposit and the purchase of insurance in order to qualify for finacial default. Always refer to the certificate of insurance for details.
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