Commercial Financial Protection Products

Atlas Voyage Secure (AVS) have created a number of schemes to financially protect Travel Companies .

Atlas Voyage Secure (AVS) (a Trading Name of ASUA) have created a number of schemes to financially protect Travel Companies against costs incurred due to failures of their suppliers and Force Majeure Travel Disruptions. Putting together a package for the public under The Package Travel Regulations, Companies are financially liable for the failure of any part of the services they provide resulting in the need to refund their clients or replace the failed element of a package or in extreme circumstances repatriate their client.

AVS offers a wide range of commercial products to protect travel companies and more:

  • CSIC      Complete Supplier Insolvency Cover
  • SAII       Scheduled Airline Insolvency Insurance
  • SII          Supplier Insolvency Insurance (Non-Airline Suppliers)
  • CPC       Cruise Protection Cover / PCPC – Premier Cruise Protection Cover
  • TDC      Travel Disruption Cover
  • CTFI     Chartered Transport Failure Insurance
  • FII          Financial Insolvency Insurance
AVS LOGO

CSIC - COMPLETE SUPPLIER INSOLVENCY COVER

CSIC is the ultimate protection Complete Supplier Insolvency Cover policy covers all declared Suppliers (including consolidators) on a trip booked.

  • It is designed to ensure nobody loses out if a travel supplier goes into financial failure.
  • Cover is for the cost of the holiday, or up to the sum insured, whichever is less.
  • Replacement of failed component at higher cost (conditions apply).
  • Covers loss of margin/commission.

SAII - SCHEDULED AIRLINE INSOLVENCY INSURANCE

SAII cover for Scheduled airlines only.

  • Travel Companies and their customers are protected if a scheduled airline goes out of business before or during their customers’ holiday.
  • Covers the cost the customer paid for the flight only booking that the Travel company has to refund their customers under the New Directive.
  • If flight is part of a package the policy will cover the price paid to the airline by the Travel Company.

SAII applies only to:

  • Scheduled airlines: All airlines with ICAO airline designator assigned by the International Civil Aviation Organization (ICAO) and that publishes a timetable and operates its service to a distinct schedule and sells to the public at large. This includes all Low-Cost Airlines and charter flight programs.
  • NB: Does not cover flight consolidators or flight brokers.
  • For special on-off Charters/series, CTFI – Charter Transport Failure Insurance is available.

SII - SUPPLIER INSOLVENCY INSURANCE (Non-Airline Suppliers)

SII Covers costs incurred by failure of any declared suppliers with the exception of airlines

  • Non-airline suppliers includes consolidators and flight brokers.
  • Cost of the failed component are covered if the travel companies customers travel arrangements are cancelled due to supplier failure before they depart or whilst on holiday.
  • Covers the cost of the failed component only.

SII applies to a number of typical end suppliers such as:

  • Flight Consolidators and Flight Brokers
  • Hotels/Apartments/Bed banks
  • Car ferries
  • Villas abroad & cottages in the UK
  • Railway journeys (including the Eurostar/Eurotunnel)
  • Coach journeys
  • Cruises not bonded
  • Car hire / Transfers
  • Caravan sites / campsites / mobile homes / Camper rental
  • Safaris
  • Excursions
  • Theme parks such as Disneyland Paris.

NB Does not cover Airlines

TDC – TRAVEL DISRUPTION COVER

TDC Protects Travel Companies against the cost of having to look after your customers if their holiday is disrupted due to force majeure.

  • Protects the principal against the cost of non-refundable and unused travel, accommodation or holiday services already paid by the principal on behalf of their client., which cannot be recovered by any other means.
  • Covers for additional expenses when a trip is delayed, cut short or cancelled.

Events that would have been covered by TDC:

«        Euro Tunnel

«        Political Violence in Bangkok

«        Haiti Earthquake

«        9/11 Terrorism

«        Asia Tsunami

«        Bangladesh Cyclone

«        Hurricane Katrina

«        Greek and Portuguese Fires

«        South of France Floods

«        BA Strikes

«        Avian Flu/Swine Flu/Mad Cow Disease etc

«        Madeira Flooding/Mud Slides

«        Gulf of Mexico Oil Spillage

«        7/7 Terrorism

«        West Coast America Forest Fire

«        Afghanistan Blizzard

«        Famine

«        Volcanic Ash

«        Athens Strikes

«        Air Traffic Control Strikes

CPC – CRUISE PROTECTION COVER

The increase in popularity and capacity within the Cruise market, new and existing Travel Companies create dynamically packaged Cruise holidays.

Cruise Protection Cover provides these companies with financial protection should something goe wrong.

  • Protects the principal should the client miss the connection to join their cruise due to an insured cause.
  • Missed Departure: Covers cost to reach next available port to join cruise. (conditions apply).
  • Provides cover for cruise abandonment.

PCPC – Premier Cruise Protection Cover

All the benefits of the Cruise Protection Cover with addition of Travel Disruption Cover.

CTFI – CHARTERED TRANSPORT FAILURE INSURANCE

CTFI is designed to financial protection for special events organised by a principal.

  • Covers any unrecoverable cost that cannot be claim by any other means.
  • Cover levels up to £500,000 per rotation.
  • Variable premiums.
  • Can also be adapted to cover other modes of transport.

A few types of special events that can be covered by CTFI:

  • Champions League / Europa League
  • 6 Nations and Rugby World Cup
  • International Cricket
  • Passion Play
  • Concerts

And many others…

FII – FINANCIAL INSOLVENCY INSURANCE

The increase in popularity and capacity within the Cruise market, new and existing Travel Companies create dynamically packaged Cruise holidays.

Cruise Protection Cover provides these companies with financial protection should something goe wrong.

  • Protects the principal should the client miss the connection to join their cruise due to an insured cause.
  • Missed Departure: Covers cost to reach next available port to join cruise. (conditions apply).
  • Provides cover for cruise abandonment.

PCPC – Premier Cruise Protection Cover

All the benefits of the Cruise Protection Cover with addition of Travel Disruption Cover.

FII is d esigned to comply with the obligations imposed on Travel Operators under the Package Travel Regulations, Financial Insolvency Insurance protects the Travel Company’s customers financially in the event that the Travel Company should cease trading due to insolvency and the customer cannot recover by any other means.

  • Premiums based on per person and agreed sum insured.
  • Monthly declaration and premium payments.
  • Pay premiums only for customers the company has booked.
  • Accepted by ABTA and CAA as an alternative to bonding.

Application Process

For all financial protection products in-depth due diligence carried out within the application process.

 Application form

For all of the products offered a detail application form is required to be completed in full and signed.

 Declared Suppliers   

For the Supplier Failure Cover scheme all applicants are required to supplier full list of suppliers they wish to cover. The applicant is required to declare the forecast for the passengers and turnover to assist in determining the spread of the risk.

Financial Documents

For the Financial Failure Insurance scheme all applicants must supply: the latest two years of audited accounts; latest management accounts (if the audit accounts are over 3 months old); Bank Position; Business plan; Directors CV and a credit check is also carried out.

Destination Profile   

For Cruise Protection and Travel Disruption Cover all applicants must show the program/destination that the company operates.

APPLICATION PROCESS

Our Financial Protection Products are Underwritten by A Rated Insurers/Reinsurers with strong financial strengths and reserves including certain Underwriters at Lloyd’s.

For further information regarding our Commercial Financial Protection Products, please email us at avs@asuagroup.co.uk

Please follow the links below for all Application Forms or Policy Wordings.

Our Partners

CANOPIUS  |  UKINBOUND  |  MAYDAY ASSISTANCE  |  RIGHTPATH CLAIMS  |  FINANCIAL CONDUCT AUTHORITY  |  LLOYDS   |  TRAVEL UNDERWRITERS GROUP