Thomas Cook Collapses

[DC3]

The Brits seemed crazy for these Thomas Cook packaged tours. Something of a British institution.

I have always assumed that it was a no-frills operation that got the Brits to Spain and maybe elsewhere in the Mediterranean/Europe on a very low budget.

Most probably wouldn't pay for separate cover and now wait for the UK tax-payer to come to the rescue. So much for the big holiday of a lifetime.

I mainly feel for the employees who now don't have a job.

Edit: I guess that ATOL will get them home at least

 

[jb747]

The travel insurance industry beancounters are probably not ha ing a good time either

I doubt that too many would even have any form of travel insurance. Is it that part of the market?

Queue the newspaper articles bemoaning the fact that airlines (various) that have nothing to do with this, won’t give these people free tickets.

 

[Quickstatus]

I doubt that too many would even have any form of travel insurance. Is it that part of the market?

Queue the newspaper articles bemoaning the fact that airlines (various) that have nothing to do with this, won’t give these people free tickets.

I dont know the package holidays market. I would have thought that TC may have bundled the TI into the package for extra profit. But yes many likely would have no TI.

 

[deebens]

600,000 people? Christ.

 

[UP4014]

A shame such a business ran onto the rocks.

The government has chartered 45 jets to bring customers home and they will fly 64 routes today. The size of the fleet will make it temporarily the UK's fifth largest airline.

Thomas Cook collapses as last-ditch rescue talks fail

The tour firm's failure means more than 150,000 British tourists will need to be repatriated.

www.bbc.com

 

[dajop]

I doubt that too many would even have any form of travel insurance. Is it that part of the market?

I dont know the package holidays market. I would have thought that TC may have bundled the TI into the package for extra profit. But yes many likely would have no TI.

Not personally attacking either of you, but it is typical of discussion on AFF, Flyertalk and the like to assume travel insurance covers passengers for all form of ills. Often T&C can trip you up, and many policies will exclude insolvencies.

I picked two Australian policies at random (NIB and CGU) and note:

From NIB:

We will not pay for any claim arising from or relating to the following:
1....
2. A loss arising from the failure of any travel agent, tour operator, accommodation provider, airline or other carrier, car rental agency or any other travel or tourism services provider to provide services or accommodation due to their insolvency or the insolvency of any person, company or organisation they deal with.

From CGU:

We will not cover you for losses or expenses that are for, related to, or directly or indirectly caused by:
General
1...
25. the failure of any travel agent, tour operator or travel service provider to provide services or accommodation due to their insolvency, or the financial insolvency of any person, company or organisation they deal with, except as provided for under Section 10, Financial Default (pages 35-36)

(with page 35-36 outlining the nature of $2500 cover for those on the top "Platinum" plans, nothing on the Premium/Essentials/Domestic plans.)

 

[jb747]

Very true. I’ve had a travel insurance policy for years, as it cover work travel, but I recently helped my son buy one, and I was amazed at just how little some of them covered.

So, perhaps it’s time for some form of regulation. You don’t leave, or arrive, in a country unless you have an adequate policy.

 

[p--and--t]

So, perhaps it’s time for some form of regulation. You don’t leave, or arrive, in a country unless you have an adequate policy.

Not sure about regulation, but two tour operators I recently travelled with refused to confirm the travel booking until I sent details of my TI provider and the policy number.

 

[Inlander]

Yet another example of how hard it is to be profitable in the aviation industry. Even Etihad is now storing it's new A350-1000's.
High fixed and variable costs prevail combined with at times heavy discounting and high capital/ lease costs of the aircraft.

 

[dajop]

So, perhaps it’s time for some form of regulation. You don’t leave, or arrive, in a country unless you have an adequate policy.

What about those who self-insure? I have annual travel medical, but my travel patterns are such (no major pre-paids) that I don't bother with comprehensive TI.

 

[Hvr]

What about those who self-insure? I have annual travel medical, but my travel patterns are such (no major pre-paids) that I don't bother with comprehensive TI.

So if you have a heart attack overseas you can afford to pay for hospital treatment and repatriation to Australia?

 

[Sprucegoose]

I suspect the purpose of the rescue mission is less about where the dollars and cents go and more about a responsibility that governments have to citizens in the event of certain types of global strife.

ATOL cover would be part of that responsibility: About ATOL | UK Civil Aviation Authority

Notwithstanding the fact that a general election is looming ...

 

[MEL_Traveller]

So if you have a heart attack overseas you can afford to pay for hospital treatment and repatriation to Australia?

dajop says they has annual travel medical insurance. The rest is 'self insured'. If hotels are fully flex/refundable, and your airfares are fully flex, or refundable (or only 5K points to change/cancel like QF), you might not need comprehensive insurance.

 

[dajop]

So if you have a heart attack overseas you can afford to pay for hospital treatment and repatriation to Australia?

No, but that’s why I have annual travel medical insurance.

 

[Hvr]

No, but that’s why I have annual travel medical insurance.

Sorry for that, you did write clearly and I didn't read properly.

 

[RooFlyer]

But that's the way that right wing governments work. No rules or regulations to interfere with private enterprise running efficiently.

It's Tony's fault

Rubbish. Its all down to John Howard. He's the one that abolished ALL the rules and regulations, after all.

 

[VPS]

Why did Australia go away from AFTA I think it was that covered you if your tour company went bankrupt

 

[Franky]

But that's the way that right wing governments work. No rules or regulations to interfere with private enterprise running efficiently. When it all inevitably goes pear shaped then demand that the government bail out their customers so the next non-government enterprise can take over and make even more money or asset strip the enterprise without paying any debts.

Basically, socialise the losses and privatise the profits.

So how about you tell us how a left wing government would proceed?

 

[RooFlyer]

So how about you tell us how a left wing government would proceed?

This might give you an idea ..

Corbyn-proof? British water, power firms take nationalization precautions

British water and power firms are trying to soothe nerves over nationalization in the event of a Labour government, although some fund managers and lawyers doubt so-called Corbyn-proofing will work.

www.reuters.com

Jeremy Corbyn vows to abolish private schools

 

[Franky]

This might give you an idea ..

Corbyn-proof? British water, power firms take nationalization precautions

British water and power firms are trying to soothe nerves over nationalization in the event of a Labour government, although some fund managers and lawyers doubt so-called Corbyn-proofing will work.

www.reuters.com

Jeremy Corbyn vows to abolish private schools

What I should have said, is what would a left wing government do to avoid a Thomas Cook disaster?