Aimed at addressing concerns about travel agent liability and credit card chargeback linked to wholesaler bankruptcy, insurance group Gow-Gates has released a new benefit under its Travel Agents Professional Indemnity Facility.
Under the new option, coverage now includes a provision for the insurer to make a payment to mitigate the potential of a claim being made against the agent, which may include refunding lost travel funds, and reimbursements for credit card chargebacks up to a selected limit for one booking or an annual aggregate for all bookings.
The extended policy can protect agents up to a maximum $50,000 for losses incurred as a result of the failure of an ATAS-accredited Australian wholesaler.
The optional benefits can be added to a client’s Gow-Gates-arranged CGU Professional Indemnity Policy immediately, and without the need to specify the Australian wholesalers used by agents.
Gow-Gates says the offer is “a new approach to providing a level of cover that might be more suitable and affordable” for businesses and is not intended to be a replacement for the more extensive protection afforded by the IPP End Supplier Failure Insurance.
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