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AFTA delivers on its promise –Supplier Insolvency Insurance launched

November 19, 2013 Corporate No Comments Email Email

The Australian Federation of Travel Agents today celebrated the launch of a new insurance product for the Australian travel market to protect travel intermediaries and consumers against end supplier failure.

As a key component of the reform being delivered under the Travel Industry Transition Plan (TITP), AFTA has secured the first of the serious commercial solutions in the form of supplier insolvency insurance which will sit along side the new accreditation scheme ATAS.

AFTA Chief Executive Jayson Westbury believes that these commercial safeguards provide a solution for the majority of supplier collapses and will go a very long way towards resolving the challenges travel agents face with credit card charge back when a supplier collapses. Further history has shown that when suppliers collapse the impact upon both consumers and travel agents is far greater than any collapse within the travel supply chain and this product would not have come to Australia without the reform being delivered under the TITP.

“This new policy to be offered is the first part of the commercial solution that will be available in Australia and I am really excited that ATFA will have delivered a solution to one of the biggest challenges we have faced over the years”, said Westbury.

“I am personally very pleased that we have been able to facilitate an arrangement between insurance broker Gow-Gates, and UK company International Passenger Protection that will offer Travel Agents and Consumers protection against supplier collapse and ultimately travel agent collapse when we launch the second product next year”, said Westbury.

Chris Mackinnon, Chief Executive of Gow-Gates Insurance Brokers said that being able to secure the support of International Passenger Protection (“IPP”) for this project is a massive win for the Australian travel industry.

“We have been working very hard over recent months with AFTA and IPP to structure these arrangements for the Australian market. IPP are the globally recognised leader in this specialist insurance field, and the knowledge and expertise that they bring to the table is invaluable”, said Mackinnon.

AFTA is in the middle of a nationwide roadshow educating the travel industry on ATAS and the insurance product now available in Australia via Gow-Gates.

AFTA will continue to work closely with Gow-Gates as they look to launch the second of the two insurance products, ATAS Participant Insolvency Insurance, early next year.

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