For 2021, the leading tour operator in the Baltics States “Novaturas” group has secured guarantee and insurance limit of 11 million that ensures the fulfillment of Company’s obligations to travelers.
“Tourism business is a particularly regulated business sector, so based on our plans for 2021, we have agreed on
The company has also used “Invega” guarantee for tour operators to obtain compulsory insurance from insurance companies or financial institutions, under which “Luminor” bank was granted
Tour operators’ in all the Baltics obligations must be ensured by warranty of insurance company or a bank guarantee. In this way, the tour operator ensures its liability to deliver the travelers all the services they have paid for and in case the implementation of these services is not possible, to refund the travelers. If the tour operator is unable to meet these obligations, then the insurer undertakes the obligation to reimburse the costs the travelers have suffered. “Without being granted these guarantees, no tour operator is allowed to operate its activities. During this unsettled period, the importance of guarantee insurance is crucial in building trust of the tourism sector. Travelers can confidently plan their trips for next year. The
About
CFO
Tomas Staškūnas
tomas.staskunas@novaturas.lt,
+370 687 10426
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