Supplier Failure Insurance

Stop Press - Holidays 4U fails on 03 August 2011 - have you got supplier failure insurance? If you want to protect your business in the future then contact Advantage Financial Services today to discuss this. Contact Andrew on 020 7324 3938. Further details below.

Supplier Failure Insurance is designed to provide cover for an agent who dynamically packages against the financial failure of any supplier declared and used in a package and who is not typically bonded elsewhere. This would include hotels, car ferries, accommodation providers, railway journeys, coach journeys, car hire, excursions etc but excluding scheduled airlines for which there is a separate policy.

If you sell more than two elements of travel together you are deemed to be packaging and therefore acting as a Principal. Under the package travel regulations you are financially liable for the failure of any element of the package. Don't forget that even if the customer claims a refund back from his credit card issuer, you could still find yourself out of pocket if the merchant services provider makes a charge back for the consumer refund to your account.

Supplier Failure Insurance provides protection to your agency for any financial loss following the failure of any supplier that you have declared to Advantage Financial Services.

The failure of Goldtrail Holidays and Kiss Flights and the confusion over consumer protection has emphasised the importance for agents to identify where their exposures lie and how they can mitigate these risks. A number of agents who have Supplier Failure Insurance and were using Goldtrail & Kiss products when dynamically packaging have been able to claim significant amounts to cover refunds for bookings made with these suppliers and repatriation costs.

You can now also include your Scheduled Airlines under Complete Supplier Failure Insurance which extends to cover the whole package.

To find out more about how Supplier Failure Insurance can help you protect your agency while looking after your customers contact:

Andrew Donnelly – 0207 324 3957 or email Andrewd@advantagetravelcentres.com

Would you like a quote?

If you are interested in receiving a quotation, simply complete the application form and return it along with an excel spreadsheet detailing the following:
 

• List of passengers booked per Supplier for a 12 month period (estimated or actual)
• Total value of bookings per supplier for a 12 month period (estimated or actual)

Download the application form here:   Supplier Failure Insurance Application Form April 2011

Read the policy wording here:   Supplier Failure Insurance Policy Wording April 2011 

Please return your form to: Advantage Financial Services, 21 Provost Street, London, N1 7NH.