Trade keeps supplier failure cover
Tuesday, 19 Aug, 2010
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Rock Insurance has been reassuring dozens of industry clients that its commercial supplier failure cover still protects them, following the policy’s underwriter’s withdrawl of the product.
AmTrust Europe, formerly IGI Insurance, withdrew the product, which is aimed at agents and operators selling dynamically packaged holidays, on Monday but Rock said it had a new underwriter in place to ensure continuity of cover.
Rock sales director John Buckingham said: “For some time now we’ve been aware that IGI, now AmTrust Europe, has been reviewing the supplier failure cover policy in light of circumstances in the market place.
“So we set about several months ago finding an alternative supplier.”
Rock’s supplier failure cover policies will now be underwritten by Northern & Western Insurance (NWIC), a US firm with operations in London.
Buckingham said the switch of cover had been taking place over the last couple of days and clients, who include Hays Travel and On Holiday Group, had been informed.
He said the policy details remained otherwise unchanged.
Only Rock and IPP currently offer a supplier failure cover product.
by Debbie Ward
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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