If you completely cancel your vacation package within 44 days of arrival you forfeit $200 and the
travel insurance cost (if you opted for it.) Starting next year if you completely cancel within one day of arrival you forfeit the entire amount!
If you re-book your vacation package for a future date, it's likely that you won't forfeit the $200. You will, however, lose any discounts that might be part of your current package.
Room only reservations have a much more liberal cancellation policy in that you can completely cancel up to 6 days in advance of arrival and still get all your monies refunded.