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FINANCIAL DEFAULT PROTECTION CANNOT BE OVERLOOKED
(Warwick, RI - October 7, 2003) - Leading online travel insurance provider InsureMyTrip.com reports a surge in call volume following the September 23rd announcement of Miami Based Far & Wide Travel Corp's filing for Chapter 11 Bankruptcy Protection.
An influx of inquiries has resulted regarding the travel industries most recent casualty.
"Customers have been calling asking if in fact travel insurance provides protection for insolvent travel providers," commented Jim Grace, President of InsureMyTrip. Most retail travel insurance policies do indeed provide financial default protection if a travel provider should become insolvent and not be able to provide the travel service purchased. It is important to understand that this protection does not cover the company that one purchased the trip or tour from but rather the actual entity that was to provide the service. (i.e., tour operator, airline, cruise line) "Simply put, if you booked a cruise through your travel agent and your travel agent went out of business that would not be covered. However, if the cruise line went out of business, you would be covered" says Mr. Grace
Financial Default protection is unique to travel insurance. Most travel insurance package policies include the coverage providing you purchase your insurance within 7 to 15 days of your the initial trip payment date. The policies also have a 7 to 14 day waiting period before the default protection becomes effective. "Given the world economic state, it is quite possible that additional travel industry failures will result," said Mr. Grace, "a trip cancellation package policy providing financial default coverage is a sound investment and important protection for today's traveler."
About InsureMyTrip.com
IMT Services Corporation (InsureMyTrip.com) is a privately held company located in Commack, NY. InsureMyTrip is the leading, consumer oriented, online travel insurance aggregator worldwide. IMT currently offers 34 insurance plans from the leading 12 insurance providers in the industry. The Company also specializes in providing integrated technology solutions for the travel insurance industry, with over 700 private-labeled and co-branded travel related websites around the globe. IMT has been providing travel insurance technology since 1995.
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