ABTA AND IPP LAUNCH SUPPLIER FAILURE INSURANCE TO COVER ABTA PRINCIPALS
Date published: 06 October 2008ABTA and leading insurer International Passenger Protection have joined together to offer ABTA Principals a unique insurance product, which will insure them against losses that they incur when one of their suppliers fails. ABTA Principals are at risk when a supplier fails, as they are obliged to refund or rearrange customers’ holidays at their own expense. The recent spate of airline failures have had a significant impact on ABTA package operators and under this new policy they could have been able to recoup their losses under the terms of the policy.
The cost of the cover will depend on a number of factors including the range and complexity of services offered, spread of turnover and other factors for listed suppliers. IPP will consider these factors and then present a premium tailored to represent business model of each principal.
The product is called Supplier Failure Insurance for ABTA Principals and available immediately.
Mike Monk ABTA Head of Finance said “ We are delighted to be able to team up with IPP the leading providers of financial failure insurance to the travel industry. This product will provide a welcome safety net for ABTA principals who have always in the past had to carry the burden for supplier failure without means of protection. This is even more relevant in the current uncertain world economic climate”
IPP Director Paul McLean added “ Once again ABTA is leading the way with product solutions for its Members. We are very pleased to extend our long standing expertise to ABTA principals to bring peace of mind in these uncertain times and the unknown future to come”.
For further information
Sean Tipton, Communications Officer, tel: 020 7307 1902/1900 Mob: 07801 339526Frances Tuke, Public Relations Manager, tel: 020 7307 1903/1900 Mob: 07850 712325
Casia Zajac, Head of Communications, tel: 020 7307 1987 Mob: 0791 2248904
Out of Hours: Contact the Duty Press Officer via pager: 07659 190987
E-mail: press@abta.co.uk
Web: www.abta.com
IPP:
Paul McLean, Director International Risks 020 8776 3750
Notes to editors
ABTA was founded in 1950 and currently has over 1,400 members with 6,000 outlets. Members include travel agents, tour operators and support services right across the spectrum from small family-owned businesses to the largest tour operators.
ABTA is the largest travel association in the UK and its members provide 90% of the foreign package holidays in the UK as well as selling millions of independent travel arrangements.
IPP specialise in the provision of financial failure insurance to the travel industry. They also currently provide the ABTA Protection Plan for customers available exclusively through ABTA Members. Further information see www.ipplondon.co.uk or ring 020 8776 3753
