International Passenger Protection Limited (IPP) is pleased to announce the availability of their Default Insurance Policy for both IATA BSP & CASS Agents in Australia. IPP is the largest specialist provider of default and insolvency insurances to the travel industry globally operating in over 30 countries around the world. IPP was formed over 25 years ago by its founder and current Chairman and CEO Brian Mclean. As a travel agent previously for over 25 years he brought various solutions to market to protect the travel industry against various financial liabilities.
DIP was pioneered by IPP in the early 90’s as a ‘better’ alternative to traditional bank guarantee’s for agents and airlines. IPP is today the oldest and largest provider of DIP globally to IATA with DIP providing agents with a competitive solution which does not tie up agents cash or assets.
IPP is an Underwriting Agency regulated in the UK by the FCA and a cover holder for Liberty International Underwriters (LIU) in Australia. LIU are rated A by AM Best and are part of the Liberty Mutual Insurance, a Fortune 100 company that’s more than 100 years old.
In order to service agents on the ground in Australia IPP have partnered with Gow Gates Insurance Brokers whom is regulated by the Australian Securities and Investments Commission (ASIC) and specialise in Travel Agent & Tour Operator products and well established within the Travel Industry.
How does the Policy work ?
Liberty International Underwriters through IPP has been approved by IATA to provide an Insurance policy to IATA to cover the default of any declared and agreed agents. One policy will be issued to IATA as the PolicyHolder and Beneficiary listing all agreed agents. Agents will need to apply and register to join the policy as a named agent and pay the appropriate premium plus locally applicably taxes. Agents have no rights under the policy as like with a bank guarantee the holder and beneficiary is IATA. All accepted agents will join the policy during the 12 month policy period and have common expiry and renewal date