Travel Insurance

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We've booked a £700 holiday for our son, daughter in law and granddaughter at a UK static caravan resort in July 2020, and we will be joining them in our touring caravan. The balance of the holiday must be paid 9 weeks before we go.

If they cannot attend due to a valid reason (illness certified by doctor's certificate for instance) and we have paid the full balance, is there a travel insurance policy we can take out now to mitigate any loss?

The booking process didn't offer us this option, so I was wondering how it can be covered
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