Cancellation insurance for guests
You can offer your guests an optional cancellation insurance. This is set up as a package in Booking Experts, so it becomes available to your guests during the booking process. Here, we will explain how to set up a package as a cancellation insurance:
Creating a cancellation insurance package
Cancellation insurance consists of two cost components:
1. Percentage of the rent (premium)
2. Fixed amount (policy costs)
These cost items are added to a new package of the type 'without discount on rent', with the appropriate settings.
Create the two cost items needed
Go to your costs page, to create new costs.
As for the pricing of the cost items, calculate and add the insurance tax of 21% yourself. This means 21% needs to be added for both the premium and policy costs.
Example: 3.50 EUR policy costs becomes 3.50*1.21 = 4.24 EUR.
5.5% premium becomes 5.5*1.21 = 6.66%.
Settings cost item 1: Premium
Kind of cost: Cancellation insurance
Selectability: Back office- Only selectable in the back office
Type of price calculation: Percentage of rent and mandatory costs
Policy for cancellation invoices: Copy as-is
Settings cost item 2: Policy costs
Kind of cost: Cancellation insurance
Selectability: Back office - Only selectable in the back office
Type of price calculation: Per stay
Policy for cancellation invoices: Copy as-is
Create the package
Go to your packages page, and create a new package. Choose the type 'Without discount on rent.
Fill the name and description appropriately. In the description, be sure to refer to the applicable terms regarding cancellation.
You want guests who purchase a cancellation insurance to be aware of the conditions. For this reason, check the box "Guest should explicitly confirm the terms mentioned in the description". When they choose cancellation insurance during booking, they will have to confirm it with an extra click.
Check the box "Cancellation insurance, include in the cancellation insurance export". This makes sure that reservations with this package are included in the list Export cancellation insurance. This list may be exported for delivery to your insurer.
Only check the box 'Available as upgrade' if you also want to offer cancellation insurance in the customer portal, after completion of the initial booking.
Period
Set both period groups to 'always', as you want cancellation insurance to be available for any booking.
Composition
Add the previously created cost items here.
1. Premium
2. Policy costs
Don't forget to add an image.
Save the package. The cancellation insurance is now available for guests.
If you cancel a reservation that has a cancellation insurance, the regular cancellation policy is still applied. Manually edit the cancellation fee on the order and apply a discount of 100% to bring the total to zero.
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