{"id":14349,"date":"2021-10-28T13:48:59","date_gmt":"2021-10-28T11:48:59","guid":{"rendered":"https:\/\/www.brrs-rechtsanwaelte.de\/2021\/10\/28\/neue-insolvenzsicherung-im-reiserecht-lehren-aus-der-thomas-cook-insolvenz-und-der-covid-19-pandemie\/"},"modified":"2024-10-29T11:10:22","modified_gmt":"2024-10-29T10:10:22","slug":"new-insolvency-protection-in-travel-law-lessons-from-the-thomas-cook-insolvency-and-the-covid-19-pandemic","status":"publish","type":"post","link":"https:\/\/www.brrs-rechtsanwaelte.de\/en\/2021\/10\/28\/new-insolvency-protection-in-travel-law-lessons-from-the-thomas-cook-insolvency-and-the-covid-19-pandemic\/","title":{"rendered":"New insolvency protection in travel law. Lessons from the Thomas Cook insolvency and the Covid-19 pandemic"},"content":{"rendered":"

Ribnitz-Damgarten, October 28, 2021: Everyone can see that the Germans’ desire to travel is picking up speed again. <\/span><\/h2>\n

And so a topic that can thoroughly spoil every traveler’s vacation is also coming back into focus: <\/span>What happens if my tour operator, of all things, goes bankrupt? <\/span>BRRS partner and lawyer Nils Eggers has taken a closer look at a recent legal amendment:<\/span><\/p>\n

From November 1, 2021, tour operators must insure themselves against their inability to pay and insolvency to protect travelers through a travel insurance fund. <\/span>Until now, tour operators have usually complied with the obligation to provide insolvency protection by taking out insurance. <\/span>Since fall 2019, the number of tour operator insolvencies has risen significantly. <\/span>The insolvencies, e.g. at Thomas Cook, have highlighted the risk of travelers not being adequately compensated in the event of insolvency. <\/span>Booked and paid trips were canceled; holidaymakers were brought home from their vacation destinations. <\/span>In addition, the global travel restrictions in the wake of the Covid-19 pandemic have worsened the liquidity situation of tour operators. <\/span>Insurers’ calculation bases were thrown off course. <\/span>The guarantee of adequate insolvency insurance became fragile.<\/span>
\n<\/span><\/p>\n

750 million euro fund to provide security<\/span><\/h3>\n

The Travel Security Fund Act (RSG) counters these risks. <\/span>Insolvency protection is now provided by a central travel insurance fund. <\/span>From November 1, 2021, tour operators must conclude insurance contracts with the Travel Guarantee Fund, make payments into the fund assets and thereby protect themselves against insolvency. <\/span>The fund assets are used to settle claims and the repatriation of travelers. <\/span>The target capital of the travel insurance fund is EUR 750 million. <\/span>Until the target capital is reached by October 31, 2027, the Federal Republic of Germany will cover the difference.<\/span><\/p>\n

Liability limit falls<\/span><\/h3>\n

Another new feature is that the previous option of limiting liability to EUR 110 million has been dropped; the Travel Guarantee Fund is liable for insolvency losses covered by it with the entire fund assets. <\/span>Tour operators with an annual turnover of less than EUR 10 million can fulfill their obligation to provide insolvency insurance by taking out insurance or providing a bank guarantee, as was previously the case. <\/span>For tour operators with an annual turnover of less than EUR 3 million, the liability of insurers and banks can be limited to EUR 1 million.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"Ribnitz-Damgarten, October 28, 2021: Everyone can see that the Germans’ desire to travel is picking up speed again. And so a topic that can thoroughly spoil every traveler’s vacation is also coming back into focus: What happens if my tour operator, of all things, goes bankrupt? BRRS partner and lawyer Nils Eggers has taken a...","protected":false},"author":5,"featured_media":12489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[120],"tags":[],"class_list":["post-14349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ribnitz-damgarten-en"],"acf":[],"yoast_head":"\nNew insolvency protection in travel law. 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