Very disappointed in David's

[YorkshireT]

Originally Posted by bighal

In that case he should have business insurance to cover loses like this, same as any other business should.

See more...

Very few have had insurance pay in a pandemic

[Dr.JumbaJookiba]

Originally Posted by bighal

In that case he should have business insurance to cover loses like this, same as any other business should.

See more...

Can't speak for the Canadian Insurance providers but I know that in the UK business interruption cover usually only kicks in when there is actual damage (fire, flood, vandalism etc.) to your premises that stops or severely restricts your trading.

[YorkshireT]

Originally Posted by Dr.JumbaJookiba

Can't speak for the Canadian Insurance providers but I know that in the UK business interruption cover usually only kicks in when there is actual damage (fire, flood, vandalism etc.) to your premises that stops or severely restricts your trading.

See more...

It’s the same everywhere, Bi is usually tied to physical damage as you correctly say.

[bighal]

I was not specifically speaking about cover for pandemics but more of liability insurance when people do charge backs etc against the terms and conditions of sale if you know what I mean. I have heard of a few people who take out loss of income insurance when running a business but its not something people usually think about normally so its not common practice especially in the UK.

[Dr.JumbaJookiba]

Originally Posted by bighal

I was not specifically speaking about cover for pandemics but more of liability insurance when people do charge backs etc against the terms and conditions of sale if you know what I mean. I have heard of a few people who take out loss of income insurance when running a business but its not something people usually think about normally so its not common practice especially in the UK.

See more...

The charge backs aren't against the condition of sale though. David's contract with the person renting the room guarantees that the accommodation will be available - the no changes no refunds clause doesn't come into it. He fails to fulfil the contract because he cannot provide the room on check in day.

On the other side of the deal he promises the owners full payment even if the renter fails to check in so is struggling to recoup money from owners whose points are close to expiry and cannot be realistically used again - especially with continued pressure on future availability.

He stitched himself into a deal that simply didn't take an extended closure into the equation. Previous 1 or 2 day hurricane closures he got away with but this affects many thousands of reservations.

[bighal]

Originally Posted by Dr.JumbaJookiba

The charge backs aren't against the condition of sale though. David's contract with the person renting the room guarantees that the accommodation will be available - the no changes no refunds clause doesn't come into it. He fails to fulfil the contract because he cannot provide the room on check in day.

On the other side of the deal he promises the owners full payment even if the renter fails to check in so is struggling to recoup money from owners whose points are close to expiry and cannot be realistically used again - especially with continued pressure on future availability.

He stitched himself into a deal that simply didn't take an extended closure into the equation. Previous 1 or 2 day hurricane closures he got away with but this affects many thousands of reservations.

See more...

Then is should be on the onus of the person who is renting the points to have insurance to recoup their money if the goods are not provided and not resort to to a chargeback.

If I was Dave I would say, going forward, insurance is a must before processing a request and the renter would have to sign a legally binding disclaimer not to use chargeback or similar.

[Dr.JumbaJookiba]

Originally Posted by bighal

Then is should be on the onus of the person who is renting the points to have insurance to recoup their money if the goods are not provided and not resort to to a chargeback.

See more...

Wouldn't work - most insurances companies insist you try chargeback / section 75 first before they will progress a fail to supply claim.

Originally Posted by bighal

If I was Dave I would say, going forward, insurance is a must before processing a request and the renter would have to sign a legally binding disclaimer not to use chargeback or similar.

See more...

Given the point above who is going to sign that if you don't get a refund if they fail to provide a room and you paid 1000's of $$ up front?

[Bellasmummy]

Originally Posted by Dr.JumbaJookiba

Wouldn't work - most insurances companies insist you try chargeback / section 75 first before they will progress a fail to supply claim.



Given the point above who is going to sign that if you don't get a refund if they fail to provide a room and you paid 1000's of $$ up front?

See more...

Agreed, most people would approach their insurance first and then be directed to their card provider to recoup.

Insurance companies will push their policyholders to get the money back in any way possible.

[YorkshireT]

It’s normally a term that travel insurance will only pay if the money cannot be recovered elsewhere.

Biggest travel insurers for cancellation in the UK are the merchants themselves via their agreements with the credit card companies which means the companies hold back the money. On something massive like this though I expect the CCCs themselves will end up stung.

I expect we are currently in a situation where many travel companies have seen their new booking cash flow almost entirely stop due to the credit card company retentions, but in many cases they only have themselves to blame for failing customer engagement and in some cases outright misleading and illegal behaviours.

[Guest]

Originally Posted by bighal

In that case he should have business insurance to cover loses like this, same as any other business should.

See more...

Originally Posted by DonnaD

Has anyone seen any proof of any business being able to claim for loss of business during the pandemic? I haven't heard a single mention of it including in guidance from HMRC and the Institute of Chartered Accountants regarding ways to help businesses survive the crisis.

See more...

Originally Posted by bighal

Then is should be on the onus of the person who is renting the points to have insurance to recoup their money if the goods are not provided and not resort to to a chargeback.

If I was Dave I would say, going forward, insurance is a must before processing a request and the renter would have to sign a legally binding disclaimer not to use chargeback or similar.

See more...

I have never heard of any insurance that covers loss of profits, other than the already mentioned business interruption insurance which can apply when there is physical damage preventing business.

A contract to sign away statutory rights will never stand up in court. For example an employer cannot bypass minimum wage laws by asking the employee to sign a contract stating that they agree to be paid £5 an hour. So no, David cannot ask people to sign something that states they will not use chargeback. Legislation trumps contract.