October 12, 2001
TravelEx,a major travel insurance provider has declined to insure Royal Olympic Cruises as of October 7, 2001, "due to financial difficulties the company is experiencing" according to a representative. At his time, Travel Guard is still insuring the cruise line, however, it is important to note that the default coverage does not go into effect until 14 days AFTER policy purchase and the policy must have been purchased within 7 days of deposit on the cruise for the default coverage. That means if you booked a Royal Olympic cruise today and bought insurance and the company files Chapter 11 tomorrow, policy holders would not be covered. A reminder to all cruise passengers, please use a credit card to book your cruise and in this era, we urge you to purchase third party trip cancellation insurance.