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Cendant to provide bonding for operators
Cendant has further diversified its range of products with the launch of a new insurance company offering bonding for UK agents and operators.
Bastion Surety will target small to medium-size businesses many of which it claims have cash and bank bonds which tie-up vast amounts of working capital.
Bastion chairman and Cendant Travel Distribution Services chief operating officer Chris Vukelich said the insurance option offered by the new venture will free up assets.
He also claimed that Cendant’s knowledge of the travel industry – it owns Travel 2/4, GDS Galileo and Ebookers among others – will give it an advantage over existing insurers in the market.
“We know the industry and believe can evaluate then risks of a company better,” said Vukelich.
He added bonding was becoming an increasingly critical issue as more agents adopt dynamic packaging and effectively become tour operators.
“With the increasing shift towards packaging, more and more intermediaries are having to provide bonding,” said Vukelich. “We can provide that protection for companies without them incurring huge financial burdens.”
Obsevers however said the very knowledge that Cendant claimed will set it apart from rivals, could in fact, rebound on Bastion.
Sunvil managing director Noel Josephides said: “You have to provide an enormous amount of sensitive information about your accounts and future plans whether you bond with a bank or insurance company. I have no axe to grind with Cendant but they own many travel businesses and I would be very nervous about giving this sort of detailed information to another travel company.”
But Vukelich insisted the fears were unfounded.
“Bastion Surety has been set up as an independent company, authorisied and regulated by the Financial Services Authority and is subject to their rules and regulations regarding the management of confidential client data,” he said.
“As with any bonding provider, Bastion may require some sensitive information but very little which is not already in the public domain.
“UK travel agents should not be prevented from taking full advantage of this due to mis-placed fears of data confidentiality.”
Report by Steve Jones
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