Has anyone insured their flights if an airline goes out of business, for replacement flights etc? And more importantly, have they paid up ok?

In the light of the recent airlines collapsing I have been looking to insure against this. An annual policy is £8 with http://www.supplierfailurecover.com which covers worldwide plus USA but strangely enough they are not asking which airline we would be using. I tried to do this with ProtectMyHoliday but when I got to the drop down box for airline and put in Globespan a pop up said they no longer protect this company which is a bit worrying.

I am going to give them a ring tomorrow as I am not sure if they will just refund your money for the original flight, less £50 excess, or they actually pay out for a new flight? It just says that should you find yourself unable to return home due to supplier failure, this cover will allow you to purchase replacement flight tickets home. The description is very, very basic.