AFS EXTENDS COMPLETE SUPPLIER FAILURE PROTECTION
20 February 2012
NEWS RELEASE
ADVANTAGE FINANCIAL SERVICES EXTENDS ITS COMPLETE SUPPLIER FAILURE
PROTECTION TO NEW ATOL FLIGHT PLUS LICENCEES
Leading independent travel agent consortium Advantage has today announced that from the Thursday 1 March 2012 it will offer its complete supplier failure insurance to non Advantage travel agents obliged to obtain an ATOL Flight Plus licence as part of the new government legislation.
Advantage Financial Services has been providing airline and other supplier failure insurance to its own members who dynamically package for some time. Rolling out the protection to non Advantage members means that those required to apply for a CAA licence come the 30 April deadline will be able to protect themselves, as a principal agent, against complete supplier failure.
Commenting on the move David Sharp director of financial services at Advantage said, “When the new legislation comes into play there will be a large number of new ATOL Flight Plus licencees who will be acting as principal agents for the first time. With it they will assume the responsibility and liability for their customers, not only for their own possible failure but also for the failure of their suppliers. Our supplier failure insurance protects them ‘the company’ as principle agents against any losses incurred by this third party failure by providing funds to refund or replace the failed travel element.”
Advantage’s Complete Supplier Failure Cover (SFC) offers cover against all declared suppliers including scheduled airlines, with agents able to add new suppliers to its list on an on-going basis. Cover includes customer refunds of a failed travel element to passengers yet to depart, flight only costs relating to repatriations of passengers to their original point of departure as a result of supplier failure and costs associated with replacing a failed element or cancelled package prior to departure to allow the holiday to continue without disruption to the customer.
“The new ATOL reforms may leave some agents vulnerable to financial failure should their suppliers fall prey to the difficult economic climate we find ourselves in. Advantage Financial Services has been providing a dedicated insurance brokering service for over 10 years and our supplier failure cover can offer peace of mind to independent travel agents and protect them against financial loss,” added David.
For more information on supplier failure insurance and how to apply visit www.advantagemembers.com or call Andrew Donnelly at Advantage Financial Services on 020 7324 3957.
ENDS
For further media information please contact Kathryn Malone kmtravelpr@gmail.com on 07771 843247 or Colin O’Neill colino@advantagetravelcentres.com at Advantage on 020 7324 3934.