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Group villa holiday insurance

Hi I was wondering if anyone can help?  a group of 16 of us have booked a villa holiday in Portugal,  it is booked under one name and we have all split the cost . I have tried phoning insurance companies to find out if everyone has individual insurance and are named on the booking form for villa will they be covered if the holiday is cancelled for any reason ? Or would they not pay out because it is only my name on actually payment ? Should I insure the total amount of villa £5500 and get everyone to chip in ?Also which is a good insurance company to go with for this type of holiday where travel and accommodation are booked separately? Hope this makes sense,  thanks in advance to any replies   angie
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