Recovery & insolvency specialist advises customers to check their travel insurance after villa supplier ceases trading
International Villas, which specialised in luxury villa rentals in the Balearics, ceased trading at the peak of the summer season, leaving many British families to arrive in Ibiza to find that they couldn’t access the villas they’d booked.
Gagen Sharma, lead partner at Sharma & Co, who are working on a rescue package for the company. said:
'My first advice to people has obviously been to contact their insurers if they have travel insurance.’
Travel insurance cover for insolvency
Goodtogoinsurance.com includes cover for insolvency as standard, but this is not the case with all insurers.
If you are booking an element of your holiday, such as a villa, direct with a supplier who is not ATOL or ABTA bonded you will not be protected if they cease trading, therefore it is important to look for some financial protection elsewhere, such as from your travel insurance.
Not all travel insurance includes insolvency cover, often known as Scheduled Airline or End Supplier Failure, so it is important to check before you buy.
The good news is that Goodtogoinsurance.com includes Scheduled Airline/End Supplier Failure cover on all policies.
With Scheduled Airline/End Supplier Failure, cover is provided in the event that one of your unbonded holiday suppliers, including airlines, hotels, car hire or accommodation suppliers, become insolvent, enabling you to make a claim to recoup the cost.
This means that you will be able to rebook that element of your holiday with an alternative supplier and continue your holiday as planned. If the insolvency occurs whilst you are away and it is not possible to continue with your trip cover is provided for return transport back to the UK.
Find out more about Scheduled Airline/End Supplier Failure.