Gow-Gates Insurance Brokers releases new option for protection against failure of Wholesalers

travelagency

Last year brought deregulation and other changes to the Travel Industry. Now in the new deregulated environment Gow-Gates is pleased to announce a new additional benefit under our exclusive Professional Indemnity Facility.

This new benefit is designed specifically to address concerns about both Agent liability and credit card chargeback risks associated with Wholesaler Insolvency.

The coverage that we can offer now includes a provision for the Insurer to make a payment to mitigate the potential of a claim being made against the Agent (which may include re-imbursing lost travel funds) or for the Agent to be reimbursed for credit card chargebacks up to a selected limit in respect of any one booking, and an annual aggregate limit in respect of all bookings following the insolvency of an ATAS Accredited Wholesaler.

For the payment of a very reasonable additional premium your Gow-Gates arranged CGU Professional Indemnity Policy will enable you to minimise the potential of any claim being made against you by clients for any losses they may incur as a result of the failure of an ATAS Accredited Australian Wholesaler from $10,000 up to a maximum amount of $50,000. Furthermore this extension will also protect your business directly from chargeback as a result of the failure.

This new optional cover is available immediately and has the following advantages:-
• no new forms to fill out to add this to your policy
• no need to wait until renewal – it can be added to your policy immediately
• no need to specify the Australian Wholesalers that you use
• protects you from chargeback risk

This is not intended to be a replacement for the more extensive protection afforded by the IPP End Supplier Failure Insurance, instead it’s a new approach to providing a level of cover that might be more suitable and affordable for your business.

Source = Gow-Gates
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