In the event of bankruptcy – launch of a holidaymaker protection fund – economy

After the turmoil of the Thomas Cook bankruptcy, package holidaymakers should be better protected against bankruptcy by tour operators. Since Monday, the new travel insurance fund has been dealing with the reimbursement of customer deposits and the repatriation of holidaymakers in the event of bankruptcy of a travel agency. “The fund gives travelers the security they need to be protected in the event of their supplier’s insolvency,” said Thomas Schreiber, co-managing director of the German Travel Insurance Fund (DRSF). The fund is organized by the tourism industry and supervised by the Federal Ministry of Justice. The organizers are expected to disburse around 750 million euros by the fall of 2027. During the development phase, the state supports the fund with a line of credit. The DRSF replaces protection with insurance or bank guarantees.

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