Covid-19 package launched for agents struggling to renew insurance
Protected Trust Services (PTS) has launched a Covid19 package for experienced travel agents who are struggling to renew their financial failure insurance policy or bond at an affordable price.
PTS already has more than 200 travel company members, including independent travel agents, tour operators and flight specialists.
"We have seen a large increase in enquiries from trading travel businesses who are finding it either impossible to renew their financial failure insurance policy or bond, or, it is too expensive," said a company spokeswoman.
PTS offers a trust account and insurance model as an alternative to financial failure insurance, with a per transaction cost based on the company’s turnover and type of travel as well as other factors. It said most often it was cheaper than insurance.
"We are seeing from most quotes we are offering that there are good savings and furthermore a more robust solution to move forward," said the spokeswoman. "Our bespoke technology allows our members to manage bookings, suppliers, client information, transactions and payments and ATOL bookings in real time as we service a daily reconciliation," added the company.
"Fundamentally, we know exactly where consumer monies are at any given point. This has allowed our members to react and work through their bookings at an incredible speed."
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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