Read the Terms and Conditions? Does this mean when you go to the Tiger website, you open EVERY box and read everything? How much time do you have? When you got paper tickets, did you read all the T & C - literally the small print, it was very small. I went to the Tiger site, yesterday, and my reading was that the insurance provided on their site by AIG does not mention cancellation of a flight by the airline as something they would cover. Would you want to be the Travel Agent who told people that they would be covered by that policy, because it will be expensive for you if you are wrong.
This is why Australia and NZ need an equivalent of the EU regulation that covers cancelled flights. The airlines will not look after you unless there is a regulation that forces them. If Ryanair cancels a flight, they must provide you with food and accommodation unless they can weasel out of it with reasons out of their control - a volcano or earthquake or a family of ducks crossing the runway.
It was bad enough being dumped at Gold Coast. If you are stuck at Bali or Saigon try to get yourself home from there.
If EU needed this regulation, this may mean that Common Law does not have a remedy for this. There might be an untested one, where a judge would award you all your out of pocket expenses - cost of hiring a bizjet to take you home. The airlines would not want to have a finding like that against them.