Operator signs up for airline failure protection
Tuesday, 28 Jan, 2010
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Luxury tour operator Travelbeam Luxury Hotels is to offer protection against scheduled airline failure.
The Cheshire-based boutique accommodation operator has teamed up with insurance provider International Passenger Protection to protect travellers against airline bankruptcy.
The decision was made in light of the continued fragility of the aviation industry which lost an estimated $11 billion in 2009 with a further $5.6 billion of losses anticipated in 2010, according to IATA.
Company managing director David Alix Barker said: “Complete customer satisfaction is of paramount importance so if an airline collapses we want to be able to arrange re-booking or return flights with minimal fuss.
“Insurance was a good solution because reserving for a potential collapse wouldtie-up capital which could be much better used elsewhere.”
IPP sales and marketing director Michael Ward said: “These are huge financial exposures we are insuring so IPP only use A rated or above insurers (Standard and Poors), who have combined net assts in excess of €100 billion.
“Travel companies which include protection during these difficult times are giving their customers extra peace of mind so that they can relax and enjoy their trips.
“The high profile airline collapses such as Sky Europe, Zoom, Nationwide, Air Comet, XL and Globespan are the tip of the ice-berg with over 60 airlines failing since the start of the recession.”
“With experts forecasting a further four years before stability in the airline industry it is prudent for all travel arrangers to look at insurance options.”
by Phil Davies
Phil Davies
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