Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 26th of April 2019
September 18, 2008

InsureFor launches business failure travel policy

by Gill Montia

Story link: InsureFor launches business failure travel policy

Internet travel insurer, InsureFor, has launched a new policy aimed at independent travellers.

The recent collapse of airline, XL, highlighted the vulnerability of travellers whose bookings are not made through a travel agent and are therefore not covered by the Civil Aviation Authority’s Atol scheme.

However, InsureFor has responded to uncertain times in the travel industry with the launch of a stand alone policy that costs £4 for a single trip and provides up to £5,000 of cover against an airline or other carrier going bust.

The supplier failure cover will provide an alternative holiday or a replacement journey in the event of major travel disruption or business failure.

According to InsureFor, the majority of travel insurance policies do not offer cover for company collapse but travellers buying its new product will be able to claim if their flight, ferry, coach or train is cancelled and no alternative method of transport is provided within 12 hours.

The policy is underwritten by Europ Assistance and a £50 excess applies.

According to a report in the Telegraph this week, around 30 airlines have collapsed so far this year and there will be more to come during the winter travel season.

 

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