Travel Insurer Expects $1 Million In Claims Caused by Ship Seizures.A travel insurer expects to be hit with more than $1 million in claims from passengers whose trips were canceled or interrupted by a cruise line A cruise line is a company that operates cruise ships. Cruise lines have a dual character; they are partly in the transportation business, and partly in the leisure entertainment business, a duality that carries down into the ships themselves, which have both a crew headed by the that recently had its ships seized by mortgagors. Travel Guard International, a Stevens Point Stevens Point, city (1990 pop. 23,006), seat of Portage co., central Wis., on the Wisconsin and Plover rivers; inc. 1858. The major industries are insurance and the manufacture of wood products, cheese, furniture, and fishing equipment. The Univ. , Wis., travel insurance company, said some 2,800 passengers of Premiere Cruises were affected by the seizures. A representative for Travel Guard could not be reached to say how many of those passengers were insured by the company. Tom Zavadsky, executive vice president of sales for Travel Guard, said in a statement that Premiere's shut down "may cost Travel Guard well in excess of $1 million." Callers to the Cape Canaveral Cape Canaveral (kənăv`ərəl), low, sandy promontory extending E into the Atlantic Ocean from a barrier island, E Fla., separated from Merritt Island by the Banana River, a lagoon; named (1963) Cape Kennedy in memory of President John , Fla., office of Premiere are met with a recording that says: "To our loyal passengers and customers, we regret to inform you that Premier Cruise Lines was forced to suspend operations of all its vessels indefinitely. Our lender has taken possession of our ships pursuant to the ships' mortgagors." The recording goes on to say procedures for refunds, covered by the Federal Maritime Commission The Federal Maritime Commission (FMC) regulates the waterborne foreign and domestic offshore commerce of the United States; ensures that U.S. international trade is open to all nations on fair and equitable terms; and protects against unauthorized activity in the waterborne commerce of surety bond surety bond An insurance fee required before a duplicate security is issued to replace one that has been lost. The fee is approximately 4% of the market value of the security to be replaced. , will be forthcoming and available in the near future. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of investment firm Donaldson, Lufkin & Jenrette reportedly seized four of Premiere's ships--two in Halifax, one in Nassau, and another in Cozumel, Mexico-when the company heard other creditors were planning to do the same thing, according to the Associated Press. Calls to Donaldson Lufkin & Jenrette were referred to an 800 number, which connects the caller to Premiere's apologetic recording. Travel Guard's insurance covers financial losses from the financial default or bankruptcy of a cruise line or travel supplier, the company said. Clients are reimbursed for covered expenses that include nonrefundable deposits, pre-paid, unused portions of trip payments, plus the cost of returning home. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion