Supplier Failure Insurance
After the recent collapses of the XL Group, Silverjet and Zoom, 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 for instance Speedferries.com the low cost ferry operator running services from Boulogne to Dover collapsed which is a sad example of today’s economic climate.
To combat this phenomenon of companies going bust Insurefor.com introduced a product called Supplier Failure Insurance in 2009 which is underwritten by Europ Assistance who are the third largest travel insurer in the UK and regulated by the FSA. Unfortunately, this product is no longer available in 2010.
Who is Supplier Failure cover suitable for?
Supplier Failure Insurance is an insurance policy which protects consumers if the supplier of any component of their holiday cancels or delays their trip or 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!
Note: At the time of publishing on the 1st January 2010, all information is true and correct. Please note, this product is no longer available. When accessing any third party websites from www.traveleden.com you are advised to read the separate privacy statement or policy on the particular site which applies to the use by the third party concerned of the information collected on that site. We have no responsibility for these independent statements or policies.
