Singapore rolls out new travel agency insurance scheme
Following the recent high profile collapse of Singapore travel agency Asia-Euro Holidays, the Singapore Tourism Board has issued a directive to ensure travellers are not left high and dry and out of pocket again.
STB has ordered all licensed travel agents in Singapore to offer travel insurance to customers that covers travel agent insolvency.
STB says it "serves to educate consumers of the measures they can take to protect their interests when they make travel bookings" and will come into effect on July 15.
Although the purchase of travel insurance is not compulsory, travel agents must record their customers’ decision if they decline to take out insurance.
The rule applies only for customers paying a deposit of S$500 or above or purchasing travel packages costing S$1,000 or above, STB said.
However agents are being encouraged to voluntarily offer travel insurance for all bookings.
"With the implementation of the new licensing condition, consumers will now be better informed on steps that they can take to protect themselves against unforeseen circumstances including travel agent insolvency," said STB assistant chief executive Yap Chin Siang.
The new directive has been welcomed by the National Association of Travel Agents Singapore (NATAS).
"We look forward to working with STB to assist our industry members with the implementation process," said NATAS president Mr Devinder Ohri.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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