Following the October 16, 2009 claim filing deadline for Conquest Vacations, TICO's Board of Directors held a special meeting on October 23, 2009 and approved payment of $169,412.11 assisting 174 consumers who did not receive the travel services for which they had paid.
"We are please to commence the payment of eligible claims out of the Compensation Fund to assist those consumers affected by the closure of Conquest Vacations," said President and CEO Michael Pepper. "
Additionally, under the trip completion (repatriation) provisions under Ontario regulations, payment of $399,902.84 assisting 1,306 consumers who incurred additional expenses in destination for transportation, accommodation and meals in order to complete their travel plans, was approved.
In the days following the closure of Conquest Vacations on April 15th, 2009, payments of $1,082,355.50, to assist 1,942 consumers who were in destination at the time of the failure, were paid.
The total paid out of the Compensation Fund to date for all approved claims and trip completion in relation to the failure of Conquest Vacations is $1,651,670.45 assisting 3,422 consumers.
The Ontario Travel Industry Compensation Fund is wholly-financed by the industry to protect consumers who do not receive the travel services for which they paid, due to the insolvency or bankruptcy of an Ontario-registered travel agent or travel wholesaler or due to the cessation of an end supplier airline or cruise line. The Fund only covers consumers who have booked through an Ontario-registered travel agent. Travel Industry Council of Ontario.