The following is a summary of the cover provided by the Financial Failure Insurance for members:
- The policy covers the complete financial collapse of an ITOA member. It does not cover receivership or court protection, etc.
- Total cover is €200,000
- Client’s of the collapsed operator who are in Ireland, or due to arrive within seven days of the collapse are covered by the policy effectively allowing those clients to continue with original holiday plans
- The collapsed member must have been prepaid in full for those clients to be covered under the policy.
- The ITOA or a nominated member will administer the necessary arrangements for those clients referred to in the previous paragraph
- The policy covers ground arrangements in both the Republic of Ireland and Northern Ireland
- The policy does not cover any debts incurred in the past, or prepayments made before the member ceases trading other than client’s already in Ireland or arriving within the seven day period.
These details are for guidance only and should not be taken as a definitive description of the policy. A full copy of the policy is available by contacting the offices of the ITOA