Agents urged to give "peace of mind" to consumers

Agents urged to give "peace of mind" to consumers
By admin


The Australian Federation of Travel Agents insurance partner, Gow Gates, has formally launched the insurance product that will protect consumers in the event of a travel agent collapse.

Retailers can now seek quotes for the Travel Agent and Intermediary Failure Insurance (TAIFI), with each agents' risks assessed on an individual basis.

The policy is only available for members of the Accredited Travel Agents Scheme (ATAS) which kicks off on July 1.

TAIFI will offer a “peace of mind” promise to consumers that their money is safe, Gow Gates said, as well as providing a “competitive advantage” over those agents who choose not to join ATAS.

A list of agents who buy the policy will be listed on IPP’s website.

"This insurance is not compulsory and is not a replacement of the previous national scheme,” Gow Gates said in a statement. “It is an exclusive tangible insurance product that provides you with the option to show your customers you will protect their funds.”

Designed in conjunction with International Passenger Protection (IPP) and Liberty International Underwriters Australia, Gow Gates told agents it will “help protect your customer’s funds in the event of your insolvency”.

“We understand that each business is unique and for that reason maximum policy limits will be customised to meet your individual needs and your activities will be monitored and coverage limits adjusted throughout the year to help protect your customers’ funds,” Gow Gates said.

It emphasised there are no set rates, with each company “individually based on its own financial strength assessment”.

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