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Thomas Cook, the world’s oldest travel firm, collapsed on Monday after failing to pay the £200 million it owed its creditors, leaving 600,000 holidaymakers stranded.

Around 21,000 worldwide employees were left without jobs (including 9,000 UK staff) and 600,000 customers (150,000 from the UK) were left stranded, forcing governments and insurance companies to coordinate a huge rescue operation, triggering the UK’s largest peacetime repatriation.

This is an unfortunate occurrence that has messed with many holidaymakers plans… one of the many reasons why purchasing travel insurance is important for holidaymakers… cover yourself before you leave for your next holiday!

Did you know you should purchase travel insurance once you have bought your airline and hotel tickets? AIG will reimburse you for the loss of irrecoverable travel deposits or travel fares paid in advance, that happens after you insured yourself, due to a Trip being cancelled prior to Trip commencement because of Insolvency of a Travel Agent from which You purchased the Trip?

Video Above: Passengers react to chaos as Thomas Cook collapses – The Guardian

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