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Travel Agent & Intermediary Failure Insurance (TAIFI)

May 12, 2014 Insurance No Comments Email Email

Gow-Gates Insurance Brokers Pty Ltd is pleased to announce that the latest of our exclusive Insolvency Products, Travel Agent and Intermediary Failure Insurance (TAIFI), is now ready for quoting to the Australian travel industry.
As from 1st July 2014 the Travel Compensation Fund (TCF) will no longer provide compensation arrangements for the public resulting from the insolvency of Travel Agents and other Travel related Intermediaries.

Gow-Gates Insurance Brokers Pty Ltd, in conjunction with AFTA, has facilitated an exclusive commercial insurance solution with Liberty International Underwriters Australia, through their binding agent International Passenger Protection (IPP), for ATAS Accredited Agents & Intermediaries to be able to offer protection to their customers in the event of their own financial failure.

This product is quite unique – completely different to your normal Business Insurance or Vehicle Insurance type policies. It is not an “off-the-shelf” product, it is a specially tailored offering for the Travel Industry. Due to the nature of this product, it will be necessary for detailed information to be provided for the Underwriter to assess your financial viability in order to accept your risk and protect your customers if you become insolvent.

This insurance is not compulsory and is not a replacement of the previous national scheme. It is an exclusive tangible insurance product that provides you with the option to show your customers you will protect their funds.

What does TAIFI Cover?

Travel Agent & Intermediary Failure Insurance (TAIFI) has been specifically designed for ATAS accredited companies to help to protect your customer’s funds in the event of your insolvency.

The cover will provide financial protection to your customers for any funds lost as a result of the insolvency of your business up to the maximum policy limit, set out in the policy wording.

We understand that each business is unique and for that reason maximum policy limits will be customised to meet your individual needs, and your activities will be monitored and coverage limits adjusted throughout the year to help protect your customer’s funds.

Who is the Insurer of TAIFI?

TAIFI is offered by Liberty International Underwriters Australia, through its appointed binding agent, International Passenger Protection Limited (IPP) (Incorporated in the UK.) Liberty International Underwriters is a trading name of Liberty Mutual Insurance Company (ABN 61 086 083 605), Incorporated in Mass. USA. (The liability of members is limited.)

How will TAIFI benefit ATAS Members?

• Provides financial protection to your customers – a “peace of mind” promise

• Competitive advantage – consumers will be looking out for companies prepared to offer protection in order to ensure their holiday investment is safe

• Complements your ATAS membership by further promoting your strong Professional Business Practices

Is TAIFI available to non ATAS Accredited Companies?

No, TAIFI has been specially arranged for ATAS accredited agents only and is based on complementing further the benefit of ATAS accreditation.

How Do I Apply?

1) Complete the application form on our website www.gowgates.com.au (a link is also available through the ATAS website)
2) Submit your application form together with supporting documentation and payment of the Application Fee of $100 to IPP (which will be refunded on taking out the insurance)
3) Email the application form with the additional information to:

Travel Industry Division, Gow-Gates Insurance Brokers – travel@gowgates.com.au
POSTAL : GPO Box 4731 Sydney NSW 2000 TELEPHONE: 02 82679999 / FAX: 02 82679991

Once Gow-Gates receive your application form and it is fully completed along with all requested additional documents then they will send the application through to International Passenger ProtectionLimited.

How long will the application process take?

Providing all documentation has been received and fully completed the application will immediately be acknowledged by Gow-Gates. From the time Gow-Gates receive your application you should receive a decision and quotation within 2 weeks and any request for additional information within 7 days.

What is the cost of TAIFI?

There are no set rates for TAIFI, each company is rated individually based on its own individual financial strength assessment. Premiums are set on a per company year basis and reviewed annually. Premiums are subject to local Stamp Duty and GST at the prevailing rate applicable.

Will there be a list of TAIFI Insured Companies?

Yes, IPP will be listing companies whom have purchased TAIFI on their website. This list will be available for AFTA and other trade and public bodies.

Other Insolvency Protection Policies

Applicants can separately increase protection further for their customers and themselves by protecting monies once passed onto end suppliers such as Scheduled Airlines, Car Hire Companies etc, by purchasing Scheduled Airline Failure Insurance (SAFI) and End Supplier Failure Insurance (ESFI), something the previous national scheme did not offer protection for, and a first in the Industry.

Agents can apply for this separately by contacting:

Travel Industry Division (travel@gowgates.com.au) , Gow-Gates Insurance Brokers, Level 8, 491 Kent
Street, Sydney NSW 2000. TELEPHONE: 02 82679999 / FAX: 02 82679991.

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