An online bonding facility has been developed by International Passenger Protection.
The provider of financial failure products to the travel industry says the facility is backed by “one of the largest banks in the UK” offering competitive rates with a single page online application.
“No security is required and payments can be made annually, quarterly or monthly by direct debit,” according to IPP.
The company believes that this new method of providing bonding quotations will alleviate the enormous amount of paperwork which is currently required by insurance companies.
Bonds will be considered for ATOL, ABTA, IATA and others, according to IPP.
A statement said: “IPP believes is a huge step forward in making the lives of travel agents and tour operators easier and being in general more cost effective.”
Report by Phil Davies
