If you’ve ever been on the losing end of a travel provider that ceases operations, you know recouping your losses can be difficult. But there are options out there.

The announcement of a tour operator, cruise line or airline going out of business is one of those times when travel insurance makes sense.

But don’t purchase just any policy. This is exactly why you don’t want the insurance policy offered by your travel provider.

More often than not, the closing of the business is excluded from covered benefits.

Buy from a third party and read the policy very, very carefully to see what’s covered … and what’s not.

Or you can take it up with your credit-card company, which is why you always want to book with a credit card. The Fair Credit Billing Act has certain restrictions, but credit-card companies have been known to bend the rules.

Otherwise, you may be able to contact the US Tour Operators Association or, in the case of cruise lines, the Federal Maritime Commission. Both organizations require members to post bonds to be used to reimburse customers for payments or deposits.

No matter what, don’t procrastinate. The faster you act, the better chance you have of getting the problem solved.

Get more help in our Travel Insurance section.

And get more of our Daily Travel Tips here.