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If you work in the travel industry, you may need additional cover against the financial failure of companies with which you do business, eg:
Scheduled Airline Failure Cover (SAFC)
ATOL and ATOL agents who sell scheduled flights need to protect their customers against the potential financial failure of the airlines concerned.
You have three choices. You could just make it very clear to your customers that you do not offer financial protection in case of scheduled airline failure. (But that risks customer satisfaction.) Or you could just decide that if the worst happens, you will pay for replacement tickets yourself. (But that's an open-ended risk to your bank balance.) Or the middle way (and the one we think makes most sense) is to take out a simple insurance policy that you can charge on to clients.
Scheduled airline failure cover is not an expensive insurance. And it's one that under normal circumstances most agents don't pay themselves, instead opting to add a few pounds to the cost of the original ticket.
Tour Organiser Financial Failure
Under the 1992 Package Travel Regulations, even small tour organisers need insurance. If you put together two out of three parts of a holiday package, you need to offer some form of financial failure security until your customer is safely back home after the trip. Therefore if you are not bonded in another way, you will need some form of insurance to cover your risk.
Talk to us about what additional protection you might need, and we'd be happy to advise.
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