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Insurance options for Travel Agents:


Make the time to review yours

AFTA@Work January Newsletter - Gow-Gates

The changes in the Travel Industry over the last twelve months have seen the appearance of many new insurance products. Whilst the insurance market will continue to evolve, it can be overwhelming and time consuming, spending hours working through the myriad of options to decide what is right for your business.

Last week Gow-Gates Insurance Brokers announced a further enhancement to our exclusive Professional Indemnity Facility for agents.

What products will suit MY business?

Often it is easier to implement policies required by law or by your association and not look at the full range of policies available for your business. Time constraints, inexperience with the insurance market, or concerns on cost can all come into the mix when reviewing your insurances. Add to these issues the fact that every travel business in Australia is different, it can be difficult to know where to start.

The basics insurances of course are Workers Compensation, Public Liability & Professional Indemnity but there are many more including:

  • Business insurance for your assetsGow-Gates can offer your business protection
  • Business interruption if your business premises are damaged 
  • Management Liability Insurance
  • Cyber Liability Insurance
  • Insolvency Insurances to protect your customers if you go broke (TAIFI and Client Trust Account Insurance)
  • Insolvency Insurances to protect your customers, and to protect you from chargebacks, if suppliers go broke
  • Income Protection Insurance
  • Life Insurance

Should you wish us to review any aspect of your current programme, please feel free to contact Gow-Gates. Naturally there are many other additional insurance options available to address other risk areas for both your business and private circumstances.

The Travel Team at Gow-Gates Insurance Brokers would be happy to do a full audit on your insurances for you and look at any areas you perhaps have not had a chance to consider. Make this part of your New Year’s resolution to have your insurance programme thoroughly reviewed.

The new benefit that can be added to the Gow-Gates/CGU Professional Indemnity Policy

Designed specifically to address concerns about both consumer protection and credit card chargeback risks associated with Wholesaler Insolvency, the coverage that we can offer now provides protection for clients to be reimbursed by the Agent (to mitigate the potential of a claim being made against the Agent). Furthermore it provides 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 / CGU Professional Indemnity Policy will enable you to reimburse your 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.

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 with us 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.

If you believe that this issue is relevant to your business, please feel free to contact Rebecca Fleming, Account Manager of our Travel Industry Division at Gow-Gates Insurance Brokers on (02) 8267 9919 or to discuss your circumstances or to obtain a quotation.

Gow-Gates Insurance Broker

Gow-Gates Insurance Brokers advises that persons should not act on the material contained in this article as the items are of a general nature only and may be misinterpreted. We therefore recommend that advice be sought before acting in these areas.