Luxury tour operator Travelbeam Luxury Hotels have teamed up with International Passenger Protection Ltd (IPP) to protect their customers against airline bankruptcy.
The decision was made in light of the continued fragility of the aviation industry which lost an estimated $11billion in 2009 with a further $5.6billion of losses anticipated in 2010 (source IATA -International Air Transport Association).
‘Complete customers satisfaction is of paramount importance to Travelbeam Luxury Hotels so if an airline collapses we want to be able to arrange re-booking or return flights with minimal fuss’ explained Managing Director, David Alix Barker, ‘Insurance was a good solution because reserving for a potential collapse would tie-up capital which could be much better used elsewhere.’
Financial failure specialists to the travel industry IPP are the innovators of this type of insurance and with over 20 years experience are established leaders in this high risk sector, offering protection which includes ATOL and credit card liabilities.
‘These are huge financial exposures we are insuring so IPP only use A rated or above Insurers (Standard and Poors), who have combined net assts in excess of €100 billion’, explained Michael Ward, Sales and Marketing Manager at IPP. ‘Travel companies which include protection during these difficult times are giving their customers extra peace of mind so that they can relax and enjoy their trips’.
‘The high profile airline collapses such as Sky Europe, Zoom, Nationwide, Air Comet, XL and Globespan are the tip of the ice-berg with over 60 airlines failing since the start of the recession’, explained Ward. ‘With experts forecasting a further 4 years before stability in the airline industry it is prudent for all travel arrangers to look at insurance options’, Ward concluded.
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