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Holiday Extras offers financial failure cover to agents
Holiday Extras has joined forces with International Passenger Protection Limited (IPP) to offer agents End Supplier Financial Failure cover on their retail travel insurance products.
“We are seeing a rapid growth in travel insurance policies including this cover as consumer realise the shortfall in cover provided by the Governments ATOL scheme,†said IPP sales and marketing manager Michael Ward.
“The cover itself protects travellers against the insolvency of un-bonded end suppliers up to £5,000 per person with a nil policy excess, so it addresses the needs of the complete cross-section of travellers from the budget weekend trip to long haul vacation.
“If the failure occurs prior to travel then the insurance will refund the lost ticket money. If the failure occurs during the trip then the insurance covers an equivalent return ticket, which usually costs much more then the original ticket price.â€
Agents can select whether or not their product will include the cover.
Holiday Extras said early indications are that most agents will include the extension.
By Bev Fearis
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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