Insuring the risk of insolvency or bankruptcy of travel agents

We know that an insolvency situation is the last thing you want, but the high competition in tourism and volatile business environment leads to countless vulnerabilities of the system as well, so that any scenario must be foreseen in the development strategy.

According to the specifics and dynamics of tourism activities, a tense situation in this sector is possible aggravated, given the large number of third parties who could simultaneously claim compensation. Obsidian Broker is a competent partner for insuring the risk of insolvency or bankruptcy of travel agents, through personalised policies, which will protect a company in critical situations.
In accordance with the requirements of European law, transposed into national law, this type of policy covers the risk of tourists losing the paid amounts for holiday packages, if the agency enters insolvency and can no longer honour the contracted services. We also offer consulting for issuing other types of optional policies, which cover other types of risks than those provided by law.

Government Decision no. 1267/2010, prohibits the activity of travel agencies without concluding the policy valid to ensure the reimbursement, in case of insolvency or bankruptcy, of the expenses of repatriation or amounts paid for the purchase of tourist service packages.

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