New cover for supplier failure enters market
Sunday, 15 Feb, 2010
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Rock Insurance has boosted its supplier failure cover to offer added protection to travel agents and tour operators selling dynamically packaged holidays.
Benefits of the new cover include the fact that it now covers ATOL non-payment, credit card charge backs and ATOL repatriation. Also it can be adapted to offer complete cover of all suppliers, cover for air travel only or cover for all none air travel suppliers.
The policy has no excess and as the cover is for the end supplier’s business it only attracts a 5% insurance premium tax as opposed to 17.5% for selling insurance products.
There is also no requirement to be FSA regulated to use this product and cover can be arranged for one-off charter programs.
Managing director Antony Martin said: “Commercial Supplier Failure Cover extends the protection offered by the existing consumer product to the end supplier of the holiday. In the event of a failure, agents and operators will be protected from incurring losses such as the all too common credit card charge backs.”
Phil Davies
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