Cancel Cover is designed to allow holiday let property owners to offer a 95% refund to guests wishing to cancel their booking between 60 and 2 days from the start of their holiday.
Protection for Holiday Let Property Owners
The policy protects the holiday property owner and covers cancellations for any reason other than war, terrorism, pandemic or epidemic (inc. Coronavirus).
The ability to offer flexible cancellation terms allows Holiday property owners:
- To compete with and operate within On-Line Travel Agent (OTA) sites
- Encourage more guests to book
- To protect the bottom line
Flexible cover and price
The premium is a percentage of the total booking value, typically between 3% and 5% and the property owner can choose to recover 100%, 90% or 80% of the refund that they give (the premium reduces as the excess increases)
Example pricing: each £10,000 of insured bookings would cost between £300 and £500 to insure
The insurance is administered as a master policy issued to the property owner/manager
- Once a master policy is set up the Property Owners must insure all booked weeks for all properties
- The level of excess is selected at the inception of the master policy and cannot be changed until the renewal date (all Cancel Cover master policies renew on 1st September each year
- You may stop using the Cancel Cover scheme at any time but you cannot re-join the scheme until the next renewal date (1 September)
The insurer details provided below can be checked on the Financial Services Register by visiting: www.fca.org.uk or contacting the Financial Conduct Authority on 0800 111 6768.
This insurance is underwritten by Insurance Company ‘Euroins’ AD authorised and regulated by the Bulgarian Financial Supervision Commission. Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authorityand limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.
The Cancel Cover Digital Platform allows property owners to:
- Register for the service and create and download your Master Policy Document
- Set up secure payment once for your monthly statement through your preferred credit or debit card
- Register insured bookings (individually or bulk download)
- Access information about the insurance and process (FAQ’s)
- Cancel bookings that are not yet within 60 days of holiday start date
- Register Claims
- Review your monthly statement
- Contact Policy Powerhouse
Cancellations must be notified through the Cancel Cover Portal within 2 days of receipt and Claims are submitted at the end of the cancelled holiday booking and are calculated as follows:
The value of the refund given (95% of the total booking cost).
- Any amount that the cancelled booking is resold for
- Any voluntary excess accepted by the master policy holder.
Find out more:
Or Call: 0333 7727453