Supplier Failure Insurance
After the recent collapses of the XL Group, Silverjet, Zoom and Flyglobespan, consumer confidence in the travel industry is at an all time low. For independent travellers booking self-catering holiday rentals abroad these are nervous times especially if you are using low budget transportation companies to travel to your holiday destination. In the middle of November 2008 for instance Speedferries.com the low cost ferry operator running services from Boulogne to Dover collapsed which is a sad reflection of the current economic climate.
To combat this phenomenon of companies going bust Protectmyholiday.com introduced a Supplier Failure Insurance product which is administered by International Passenger Protection Ltd (IPP) who operate in 30 countries with support from some of the largest insurance and re-insurance groups in the world. The IPP are also regulated by the Financial Services Authority.
Who is Supplier Failure cover suitable for?
Supplier Failure Insurance is an insurance policy which protects consumers if the selected suppliers of the component parts of their holiday goes into liquidation. Most general travel insurance policies on the market today do not cover individual holiday components.
What do you mean by 'Supplier'?
A 'supplier' provides a service which is an element of a consumer's trip, this includes but is not limited to providers of:
- Flights
- Other public transport
- Transfers to/from accommodation
- Accommodation
- Car hire
Do consumers still need travel insurance?
Supplier Failure Insurance offers additional protection and is not an alternative to a standard travel insurance policy. The customer will need to purchase travel insurance in addition to this cover.
For more information on Supplier Failure Insurance, please visit the FAQ page!
Important Note: Traveleden.com does not act as an introducer in respect of contracts of insurance, and acts merely as a conduit for insurance providers. You are advised to take appropriate professional and legal advice before entering into any binding contracts.
