The bankruptcy protection is only valid if an airline cancels their flights or the airline is grounded for economical reasons
you may receive up to twice the original cost of your airline tickets. If, when you made your reservation, the airline is already flying under Chapter 11 bankruptcy protection you may not purchase this protection as it is not valid for airlines already flying under Chapter 11. For all other airlines domestic and international carriers, this protection service is valid.
Bankruptcy before your travel date
You will receive full refund for your airline ticket.
Bankruptcy on the day of travel or during your journey
If the bankruptcy happens whilst you're already away, the payout will cover the cost of a replacement flight home.
Limitation: Payout will never be higher than what you paid for your airline ticket.