Gow-Gates, AFTA@Work Article
August Edition 2014
The Travel Industry is embracing ATAS and many of you have already become accredited Travel Professionals. The new accreditation scheme is a testament to the commitment of your industry and you should be very proud of your Association and confident about the future of the travel industry.
In the middle of so many changes, we in conjunction with AFTA, brought new insolvency products to the market with the support of IPP (International Passenger Protection). However, during a period of so much change, many agents still remain confused and concerned over these new products.
Only ATAS members have access to these insolvency products, including the product designed to protect your business in the event of YOUR insolvency. This policy is TAIFI (Travel Agent & Intermediary Failure Insurance).
This commercial solution is not a replacement of the old regime – it is an insurance product designed to provide a “peace of mind promise” to your customers – especially new customers who may in the past have dealt with overseas companies or companies they did not know much about. Now there is a product you can promote to your customers setting you apart from the rest.
TAIFI covers money paid for holiday arrangements in the event of the Agent’s or Intermediary’s insolvency.
Cover is only for insolvency in respect of monies held by the Insured Agent and does not cover monies once passed on to another company and/or end supplier. To cover these risks, we have the SAFI & ESFI products available (only to ATAS participants).
TAIFI provides insurance protection to your customers in the event of your insolvency regardless of cause – whether that be fraud or the many other factors that might result in a travel company collapse.
Whilst TAIFI is not compulsory, consumers will be looking out for agents and intermediaries prepared to offer protection in order to ensure their customer’s holiday investment is safe.
This is yet another opportunity to differentiate yourself from your competitors.
The application process in the first year is a little bit daunting, as we have gone from the old regime of audits and a government backed scheme to having a commercial operation back the insurance products. As you can imagine, the due diligence required in providing these products is quite extensive.
However, the team at Gow-Gates will help you through each step of the process to make it as simple as possible.
How do I get a quotation?
Simply complete the online application form on the ATAS website. You will then be able to print the application so it can be signed then emailed to Gow-Gates along with the requested supporting information. Applications should be sent to:
Travel Industry Division
Gow-Gates Insurance Brokers
F: (02) 8267 9991
Gow-Gates Insurance Brokers advise that persons should not act on the material contained in this article as the items are of a general nature only. We therefore recommend that individual advice be sought before acting in these areas.