The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
UK Personal Insolvency Rates Reach 10 Year LowMoneyExpert (blog)The Money Advice Trust, the body running National Debtline also welcomed the news about falling insolvency rates but expressed reservations about rising debt levels. "Many households will be able to accommodate this extra borrowing as the economic ...
The IndependentWeekly Money: the personal finance stories you might have missed 27 to 31 JulyThe IndependentThe cost of car insurance is being pushed up by a fresh wave of claims for personal injury such as whiplash, warns the Association of British Insurers. The average price for a year's comprehensive cover increased by 2.1 per cent in the last three ...
The IndependentWeekly Money: The personal finance stories you might have missed 20 to 24 JulyThe IndependentThe energy firms now owe us more than £1.1bn. Not all of us, however. Only about half of British homes are owed money, which is on average £93, according to uSwitch. The debts have built up because many homes used less energy than they paid for but ...
Express.co.ukHow to prepare your money for an interest rate riseExpress.co.ukWeather 18°. London, UK · HOME · News · Sport · Comment · Finance · Travel · Entertainment · Life & Style · Pics · Vids · Personal Finance · City & Business · The Crusader · Home · Finance · Personal Finance; How to prepare your money for an interest ...Interest rates could rise around New Year, says Bank of England Governor Mark ...Telegraph.co.ukall 540 news articles »
The IndependentWeekly Money: the personal finance stories you might have missed 13 to 17 JulyThe IndependentIts report published today reveals that at GCSE level where financial education is compulsory, just 36 per cent of girls currently learn about personal finance, while 45 per cent of boys the same age do. Girls also receive significantly fewer classroom ...
Have you met...
Latest Members:


mone


AGreen


madashell


Fraser


elhadi


Sonja


ehabaldeen

 

General News

Email this story to a friend:

BIBA travel insurance to include financial failure protection

 The British Insurance Brokers’ Association’s (BIBA) travel insurance policy ‘BIBA Protect’ has been extended to protect independent travellers against the financial risk of airlines and end suppliers going into liquidation.25-01-2010
The policy provides protection for travellers who are not protected by the Government’s ATOL (Air Travel Organisers’ Licencing) arrangement, which only covers those who have booked a holiday through an ATOL tour operator.
 
It is estimated that at least 50% of trips from the UK fall outside of the Government’s ATOL arrangement* and therefore BIBA has incorporated this cover into its insurance policy, sold exclusively by BIBA brokers, to recognise the changing purchasing habits of travellers and to protect customers from the effects of the recession.
 
Examples of trips which fall outside of the ATOL arrangement are direct bookings with airlines or trips which have been constructed and paid for separately by the traveller. The need for financial failure cover was highlighted with the recent Sky Europe collapse, an airline that marketed directly to consumers and sold its flights online.
 
In addition to this, more than 50 other airlines have gone bankrupt during the last 12 months as carriers continue to cut costs and tackle the drop in demand.
 
Steve Foulsham, BIBA Technical Services Manager, said:
 
“In situations such as Sky Europe, BIBA policyholders would have been able to claim their lost monies on their travel insurance, so that they could continue with their arrangements. If the clients were overseas then the policy would have covered their increased cost to return home.
 
“Financial failure could be a real issue. Traditionally, bookings through a travel agent provide protection but many people now want to book their holiday online. Up until now, if you booked your flight online and the airline went into liquidation, you could have been in trouble. Consumers with a BIBA policy can now enjoy their holiday with peace of mind."
 
The policy does not stop at airline protection, it extends to cover the financial failing of all end suppliers of the trips including hotels, car hire companies, villa owners, excursion providers and theme parks.
The ‘BIBA Protect’ policy is available only through BIBA members. Travellers can find a BIBA broker at www.biba.org.uk or on 0870 950 1790.
 
   

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks