Why do I need financial failure insurance?
Any tour operator which offer a package holiday for sale in the EU (irrespective of destination) must comply with the Package Travel Regulations which came into effect on 1 January 1993. One of the most onerous responsibilities is the need for the tour operator to provide security for passengers’ holiday payments prior to and up to the completion of the package holiday, in the event of the financial failure of the organiser.
Our Travel Regulation Insolvency Protection (TRIP) financial failure product, unlike a trust account, will allow an operator to free up cash flow. We will also provide a logo and wording for your literature to confirm you have appropriate cover in place, putting your clients mind at ease that they are protected at the time they pay for their holiday deposit.
What is the Travel Regulation Insolvency Protection scheme?
Our specially designed Travel Regulation Insolvency Protection scheme is available to all tour operators, travel agents, holiday operators and accommodation/villa providers (subject to status upon application). We have in-house experts that specialise in travel protection insurance, passenger protection insurance and financial failure insurance who can advise the right Travel Regulation Insolvency Protection cover for you. Speak to one of our financial failure insurance advisers to find out more about the protection we offer, or see further details.
Why should I get my financial failure insurance from Towergate?
As one of the market leaders in financial failure insurance we can help you protect your legal financial obligations to your customers. We will provide marketing collateral showcasing your partnership with us, helping your customers have more confidence in your brand.
We are also in a Government steering group for tour operators insurance and are therefore aware of the latest regulations and public information so we can help tailor your policies to meet your requirements.
Do you offer travel bonds?
Yes, we offer travel bonds to help you flexibly and safely make the most of your money. Our years of experience have given us detailed knowledge of travel bonds and related insurance risks, allowing you to focus on your clients. Speak to one of our specialist insurance advisers to find out more.