What is Financial Default? | Travel Insurance Direct (TID)

• What is financial default?
• Could it affect my travel insurance?

None of us expect that when we set off on our travels, having exhausted our hard-earned holiday funds to get there, that we’ll be faced with more than a few bumps in our otherwise well-planned schedule. 

When you take out a policy with Travel Insurance Direct, whichever you choose --  The Works, The Basics, Domestic and Annual Multi Trip – you know what cover is available.

It’s as necessary to also know what you’re not covered for, even the things you don’t think you’ll encounter. It’s all about research.

What is Financial Default?

TID defines Financial Default as ‘insolvency, bankruptcy, provisional liquidation, liquidation, financial collapse, appointment of a receiver, manager or administrator, entry into any official or unofficial scheme or arrangement, statutory protection, restructuring or composition with creditors, or the happening of anything of a similar nature under the laws of any jurisdiction.’

Could it affect my travel insurance?

If any person, company or organisation you have made bookings with as part of your travels collapses or goes into liquidation, your TID policy will not cover losses incurred by you.

Please refer to the General Exclusions within the Product Disclosure Statement.

Need a hand?

Our Customer Service team is always available to help you to understand the policy, what you may be covered for and any documentation you need to pick up along the way. Our travel safety team at TID work to keep customers informed and publish information on major travel events on our website.

Worldwide Emergency Assistance 24/7

Our 24-hour Emergency Assistance team is always available to help in any kind of medical emergency, and ready to answer urgent questions. Our team is connected with a global network, that provides:

• Medical care
• Medical transfer to a hospital or repatriation to Australia where necessary
• Medical-related guidance and support even if your loss may not be covered by the policy
• Access to translation services.

Get a quote to get your next domestic or international adventure underway today.

This is a brief summary of cover only. Cover is subject to the full terms, conditions, limitations and exclusions outlined in the Product Disclosure Statement.