Am I covered if my tour company collapses?
No, there is no cover for the financial collapse of a tour company.
Financial collapse means:
- entry into any official or unofficial scheme of arrangement;
- applying for or filing for insolvency protection;
- liquidation or provisional liquidation;
- a person or company conducting business under statutory protection under the law of any jurisdiction;
- winding up;
- presentation of a petition for the compulsory winding up of;
- restructuring or composition with creditors;
- stopping the payment of debts; or
- something having a substantially similar effect to any of (a) to (j) above happens in connection with the person or company under the law of any jurisdiction. For the purpose of this definition only, ‘Insolvent’ means a person or company under administration or deemed insolvent (each as defined in the Corporations Act 2001 (Cth)).
For more information, refer to our Product Disclosure Statement (PDS).