Financial Default timing question.

[kimanjo]

I hope someone can answer.  Planning on booking a very expensive ( for us) cruise for December 2021.  I would like to purchase trip insurance that includes financial default.  It will be on Silversea.  I'm not that worried about RCCL going under as much as a smaller line, but at this point, we'd rather have a policy includes it.

 

Can I do what I normally do when I buy trip insurance, which is start with the minimum $ when I make FIRST deposit, and then add to it as I add non-fundable components along the way? 

 

Example. I make a 500.00 deposit today.  I buy 500.00 worth of insurance today.  Then let's say in July right before final payment is due, I then add the 18K that is the final payment amount to the policy.  As long as I purchase before final payment??

 

This is the Financial Default wording:

 

Bankruptcy and/or Default of Your Travel Supplier that occurs more than fourteen (14) days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the agency from whom You purchased Your Land/Sea Arrangements. 

 

This benefit only applies if the insurance has been purchased prior to Your final payment for the Cruise and for the full cost of the Trip;

 

14 day wait if insurance purchased prior to or on the day of Final Trip Payment and certain conditions are met

[iamtrustworthy]

On 3/22/2021 at 8:25 AM, kimanjo said:

I hope someone can answer.  Planning on booking a very expensive ( for us) cruise for December 2021.  I would like to purchase trip insurance that includes financial default.  It will be on Silversea.  I'm not that worried about RCCL going under as much as a smaller line, but at this point, we'd rather have a policy includes it.

 

Can I do what I normally do when I buy trip insurance, which is start with the minimum $ when I make FIRST deposit, and then add to it as I add non-fundable components along the way? 

 

Example. I make a 500.00 deposit today.  I buy 500.00 worth of insurance today.  Then let's say in July right before final payment is due, I then add the 18K that is the final payment amount to the policy.  As long as I purchase before final payment??

 

This is the Financial Default wording:

 

Bankruptcy and/or Default of Your Travel Supplier that occurs more than fourteen (14) days following Your Effective Date. Coverage is not provided for the Bankruptcy or Default of the agency from whom You purchased Your Land/Sea Arrangements. 

 

This benefit only applies if the insurance has been purchased prior to Your final payment for the Cruise and for the full cost of the Trip;

Hi kimanjo,

 

Financial Default is more complicated than what you highlighted above.

 

I have a few questions:

1) Which exact policy did you get the Financial Default wording from?

2) Are you booing directly with Silversea or using a travel agent?

3) Will you have airfare or other prepaid trip costs in addtion to the cruise?

 

Steve Dasseos