Posted on 03/07/2020 7:50:24 PM PST by aimhigh
"If the situation of generalized panic continues, thousands of businesses, especially small ones, will first enter a liquidity crisis, then close their doors.”
. . . .
In the three most affected regions — Lombardy, Veneto and Emilia-Romagna (in descending order) — cancellation rates on bookings of hotels, flights and apartments have reached as high as 90%. These three regions also happen to be the main motor of Italy’s economy, accounting for 40% of Italy’s GDP. The country’s financial capital (and capital of Lombardy), Milan, is like a ghost town, with many of its most important landmarks, including the Teatro alla Scala opera house, closed to visitors.
(Excerpt) Read more at wolfstreet.com ...
Did you not have travel insurance? Or did the insurance company refuse to pay?
At my age (and with my medical issues), I always buy travel insurance when I book the trip so it covers pre-existing conditions. Two years ago, I had to make a claim for over $8,000.
I am sure they have some sort of business interruption insurance.
We have a trip to Italy booked for August. Really hoping it burns itself out by then.
” Did you not have travel insurance? Or did the insurance company refuse to pay?
At my age (and with my medical issues), I always buy travel insurance when I book the trip so it covers pre-existing conditions. Two years ago, I had to make a claim for over $8,000. “
We had to cancel a non-cruise vacation a few years ago, as my wife got sick. Took 18 months via Chase Sapphire...but they did pay out.
For this one, we didn’t have insurance, but people who did found out it was useless. The ship sailed and they didn’t get a dime - and the cruise was a total flop. Lucky for us we had crappy cabins, as we booked late, so our loss wasn’t bad ($1600), but for others...
https://www.eturbonews.com/542190/coronavirus-victim-in-hawaii-fights-norwegian-cruise-line/
https://www.eturbonews.com/543588/a-scary-diary-from-a-cruise-on-norwegian-jade/
Italy and France have that.
However, you can't promote that policy to every country -- what can, for instance, Estonia do for factories and mines? They have shale oil, but not much else
That is the answer to my question.
We have booked a very expensive Adriatic cruise for September...Venice to Athens. We have travel insurance, but....
Venice is currently locked down due to COV-19 and Greece is fighting a Muslim invasion from Turkey.
This summer could turn into a very expensive disaster.
Sorry to hear that...neither will be covered if the cruise doesn’t get canceled, but if one of you just happens to have a well-timed medical ‘emergency’ (LOL), then you’re off the hook.
Actually, if it were me (just my opinion), I’d be more worried about whether the cruise line can even hold out financially until then. That’s one of the reasons I didn’t get too mad at Norwegian - they have to know by now that their bookings are next to nothing and whatever cash they’ve collected for future cruises will have to carry them through, probably for years.
Aren’t there insurance products to cover loss of business?
If so, wouldn’t companies have insurance?
Maybe it’s the insurance companies that ought to be worried.
And taxpayers. Since all involved will likely be looking for bailouts.
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