Alternative insurance scheme launched for travel agents
The Association of Train Operators (ATOC) has launched an insurance scheme for travel agents selling rail tickets which it claims is a cost-effective alternative to bonding.
Launched in association with Advantage Travel Centres and the Guild of Travel Management Companies (GMTC), the Travel Agents Reserve Insurance Fund (TARIF) is based on travel management companies paying a levy into a central fund.
The fund is used to pay for commercially-procured credit insurance.
Representatives from train companies, ATOC, Rail Settlement Plan (RSP), GTMC, Advantage Travel Centres and ABTA will sit on a joint board formed to oversee the management of the scheme.
According to the founders, TARIF will be cheaper for many agents than obtaining a bond. Some 150 travel management companies, representing about £340m of rail sales, have already joined the scheme, the cost of which is expected to come down over time.
GTMC chief executive Anne Godfrey said: “I would like to thank GTMC and Advantage members for their hard work, over many months, without which this solution would not have been reached. Together with ATOC we have shown what can be achieved when representative bodies work together to resolve complex industry issues.”
Advantage Travel Centres corporate director Ken McLeod said: "We are pleased to have worked in conjunction with GTMC and ATOC to resolve what has been a difficult and challenging task in satisfying all parties. We can now move forward with the formation of the joint board to continue the progress we have made so far."
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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