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Financial Failure Insurance is becoming increasingly popular to start-up Travel Organisers or emerging Travel Organisers who are looking for a pay-per-passenger travel bonding solution instead of a Trust Account to meet the UK Package Travel and Linked Travel Arrangements 2018. Under the Regulations, travel organisers packaging holidays can meet their insolvency protection requirements through one of three options – a travel bond, an insurance policy or an approved, independent trust account.
The 2018 Regulations have however imposed more onerous conditions on trust accounts that previously, which confirm all costs in running the trust are to be borne by the travel organiser, including those of administering any claims, and this option also now requires having a separate repatriation insurance policy if carriage forms part of the package. These increased requirements may result in a trust account becoming a more expensive option that it first appears – and there is the added consideration that a trust account will, by its very nature, restrict cash flow within the business.
When you directly compare a trust account and a Financial Failure Insurance policy, we believe it is easier, potentially cheaper and less administratively burdensome for the Travel Organiser to choose a Financial Failure Insurance policy. Financial protection is paid only on bookings received, are reported on a monthly basis and renewed annually. See more in this in our FAQs.
Our Financial Failure Insurance is a pay as you go scheme backed by an A+* rated insurer and allows travel organisers to fulfil their obligations to cover customers’ payments under the Package Travel Regulations. Financial eligibility criteria are lower than that for Travel Bonds and costs are spread over monthly direct debit payments.
Find out more and call 020 7065 5313 or email
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