About to pull the trigger and then …….

[labonnevie]

5 hours ago, wristband said:

Pay by credit card - ensures a full refund if the company files for bankruptcy. 

 

I recall back when Renaissance went kaput while its ships were at sea, leaving crew stranded and unpaid.  Not to gloat - VISA repaid every dime on our future REN bookings.  It took some time for things to be resolved but we were financially made whole.

I certainly can’t speak to past experiences others have had, but I checked the Chase Sapphire card travel benefits which are very good re trip cancellation, interruption, baggage issues etc. They specifically exclude insolvency by travel provider. 

[BBWC]

13 hours ago, labonnevie said:

I certainly can’t speak to past experiences others have had, but I checked the Chase Sapphire card travel benefits which are very good re trip cancellation, interruption, baggage issues etc. They specifically exclude insolvency by travel provider. 

You are correct that the insurance portion of the credit card would not cover you for bankruptcy. What you would need to do is to dispute the charge due to ‘services paid for but not received’. Do not file an insurance claim with the CC company.

[wristband]

Exactly!  Insolvency is not an insurable event.  Insolvency is simply the result of a merchant failing to provide services/goods we, as cardholders, contracted for.  My experience (and others) has been credit card issuers are well versed in such turn of events and will protect their cardholders' payments from a merchant's insolvency.

 

CC issuers do not pay out 100% of cruise fare revenues to cruise companies - money is held back in reserve and paid out on a rolling basis (as new revenue arrives) in case there is insolvency.

 

CC issuers (banks) have no intention of begging a merchant, such as cruise company, to return the funds advanced in order to refund their credit card holders' pre-cruise payments.  Holding sufficient reserves is the solution for both banks and credit card customers!  

 

If a cruise company financially fails and cannot refund its customers due to bankruptcy, the credit card issuers will protect customers who paid for a service that was not provided as promised.

[papaflamingo]

This is truly a tough decision.  We have 3 long cruises booked and it would be a huge loss.  Having said that, Regent cruises are heavily booked for the next few years.  We have the Grand Cruise booked for 2023 and there are only 1 or 2 cabins (if that) left.  So the ship, I presume, is full.  Future bookings like that, shown to the creditors, must indicate the ability to remain solvent.  Also the restrictions are loosening.  Cruises are sailing. The UK is looking at ending their Covid requirements.  So I'm willing to take the financial risk.  If I lose will I be happy?  Of course not.  Will I be suicidal?  Of course not.  I know the risk, I weighed the risk, I'm choosing to accept the risk.  So I'll live with the consequences. 

One last point... cruise cost doesn't go down on Regent.  If you wait to book, you will pay a higher price and will very likely have to book on a wait list.   I guess we simply roll the dice one way or the other.  

Regardless, I'm ready for this to be over and the world getting back to normal (whatever that is). 

Edited January 24, 2022 by papaflamingo

[Dolebludger]

papa, For what it is worth, I don’t think many are concerned about Regent or NCLH bankruptcy. Those of us hesitant to book a cruise are hesitant for other, unrelated reasons. As I posted before, the reasons are cruise cancellations for other reasons (not a big problem for us retired who could do the cruise at a later date), disrupted itineraries due to port closures, and cruises cut short due to illness onboard. Nonetheless, travel insurance that covers carrier bankruptcy of ANY involved carrier is recommended. You never know. Your plans could be disrupted by a bankrupt airline. If you are flexible about itinerary and wouldn’t be upset if the cruise were cut short and you got a refund, you shouldn’t cancel any already-booked cruise and lose money! As we had nothing booked when this mess hit, we have haven’t booked yet. Right now, we’d consider booking for late ‘23 or ‘24. But as you say, those are pretty well booked up and are very expensive.

[wristband]

May I suggest those interested visit Cruise Critic's forum Jan. 2022 on trip insurance?  Hosted by the excellent Steve Dasseos of The TripInsuranceStore.com, he will answer cruise insurance questions - which will surely include Qs about insurance coverage/protection against cruise line bankruptcies. 

 

Go to CC's front page - Steve's Cruise Insurance forum is highlighted.

[Pcardad]

1 hour ago, Dolebludger said:

papa, For what it is worth, I don’t think many are concerned about Regent or NCLH bankruptcy. Those of us hesitant to book a cruise are hesitant for other, unrelated reasons. As I posted before, the reasons are cruise cancellations for other reasons (not a big problem for us retired who could do the cruise at a later date), disrupted itineraries due to port closures, and cruises cut short due to illness onboard. Nonetheless, travel insurance that covers carrier bankruptcy of ANY involved carrier is recommended. You never know. Your plans could be disrupted by a bankrupt airline. If you are flexible about itinerary and wouldn’t be upset if the cruise were cut short and you got a refund, you shouldn’t cancel any already-booked cruise and lose money! As we had nothing booked when this mess hit, we have haven’t booked yet. Right now, we’d consider booking for late ‘23 or ‘24. But as you say, those are pretty well booked up and are very expensive.

Late 2024 is 30 months away - we will be on our next pandemic by then. Live now and live well!

[wristband]

My apology - go to the CC front page for...FORUMS (not the site's front page).  Just posted today:

 

"What should passengers do to protect themselves from cruise line bankruptcy?

How should you handle claims if a cruise line does go through the bankruptcy process (ie paper work)?

Will insurance pay for claims against rolled over payments (so call paid future cruise credits)?

How long do you have to wait for cruise line not to refund you before filing a claim?

Do you have to first file a claim with your credit card company and get denied before filing with insurance?"

[Stickman1990]

On 1/24/2022 at 9:02 AM, purpleally said:

I’m fine with people who are reluctant to book cruises. I quite enjoy sailing on a ship which is only at 50% capacity. 

Until your cruiseline realises they’re not profitable at those levels - then the chickens come home to roost

[flaminkokid]

On 1/23/2022 at 5:02 PM, purpleally said:

I’m fine with people who are reluctant to book cruises. I quite enjoy sailing on a ship which is only at 50% capacity. 

We're on the Riviera now and it's great to be on a ship with half capacity--remarkable in some ways! But my heart goes out to the people whose tips will be cut in half after being out of work for so long. We're increasing the cash tips to the cabin stewards but it's a drop in the bucket.