Princess Cruises is temporarily modifying its cancellation policy for cruises and cruise tours departing through May 31, 2020, according to a press release

The cruise line is implementing this revised policy to assist guests making decisions regarding their upcoming cruise vacations during the evolving worldwide COVID-19 situation.

The details vary by departure date. 

Date of Departure*   

Policy Update
Apr 3 or earlier            
Cancel up to 72hrs before sailing to receive Future Cruise Credit (FCC) for 100% of cancellation fees

Apr 4 – May 31
Cancel by Mar 31, 2020 and receive FCC for 100% of cancellation fees
   
Jun 1 – June 30  
Final Payment moves to 60 days prior to sailing (from 90 days)

Guests that choose to keep their booking as currently scheduled for departures between March 9 and May 31 will receive the following Onboard Credit amounts (USD):

$100 per cabin for 3-day and 4-day cruises
$150 per cabin for 5-day cruises
$200 per cabin for 6 day and longer cruises

Future Cruise Credits will automatically be applied to each guests Captain Circle account after they have cancelled. Future Cruise Credits will not be available instantly and may take up to 10 business days to be processed. 

Full details can be found at https://www.princess.com/news/notices_and_advisories/notices/temporary-cancellation-policy.html