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Berkely Insolvency Coverage and Royal Olympia Update

February 9, 2004

Berkely Insolvency Coverage and Royal Olympia Update
February 9, 2004 – On Jn. 28, 2004, the ship-owning subsidiaries of Royal Olympia Cruise Line requested protection from creditors in a Greek court. (This action is similar to Chapter 11 of the U.S. bankruptcy code.)

This request for bankruptcy protection follows the Dec. 17, 2003,Chapter 11 filing of the Royal Olympia subsidiary that owns the Olympia Voyager and Olympia Explorer.

The Berkeley Group’s NTA Travel Protection Plan provides coverage when a Travel Supplier ceases operations 10 or more days after the date on which the client purchased the plan, provided that the Travel Supplier had not filed for bankruptcy protection prior to plan purchase.

As such, in the event the cruise line ceases operations, passengers who purchased the insurance plan prior to the bankruptcy filling of the Royal Olympia Cruise Line subsidiary owning the ship with whom they were booked would be eligible to receive Travel Supplier insolvency benefits under the Protection Plan. Passengers who purchased their plan after the bankruptcy filling would not be eligible to receive benefits for the financial insolvency of Royal Olympia Cruise Line.

Royal Olympia Ship Bankruptcy protection filed: To be eligible for insolvency coverage must have purchased insurance on or prior to:
Voyager Explorer 12/17/03 12/16/03
All remaining ships 1/28/04 1/27/04

Any of your customers seeking coverage for Royal Olympia trips should be advised that purchasing your NTA Travel Protection Plan now will not protect them if their trip is cancelled due to Royal Olympia ceasing operations, as the filing for bankruptcy protection has already occurred. However, travelers who are now purchasing the NTA Travel Protection Plan would still have coverage if their trip were to be cancelled due to any other covered reasons listed in the plan (such as illness, injury or death).

Should you, your travel counselors or customers have any questions regarding Royal Olympia and your NTA Travel Protection plan, please feel free to contact 800-388-1470.

Thank you.
The Berkely Group

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