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New cover for agents on its way

25 May 2016 - by Debbie Badham
Comments | 0

A NEW professional

insurance product

designed specifically

for retail travel agencies – to

protect agency owners – will

soon be launched in the South

African market.

Specifically, the insurance will

meet the need for cover in the

case of errors and omissions

made by staff (i.e. ADMs),

fidelity cover in case of theft by

employees, and directors’ and

officers’ liability.

Steven Jack, ceo of Jack

and Seach Insurance Brokers,

which underwrites the Default

Insurance Product (DIP)

scheme in South Africa, says

that while rolling out the

DIP the company received

numerous requests for such a

product geared specifically to

travel agents.

While the DIP covers

agencies in the event that

they default against airlines,

the new insurance product is

aimed at introducing a new

level of standards into the

industry, says Charmaine

Brogden, who represents Jack

and Seach in the SA market.

Vanya Lessing, ceo of the

Sure Travel Group, says that

while the directors of most

agencies would have liability

insurance, insurance that

caters for employee negligence

would be welcomed. “The

uptake of the product would

depend a great deal on its

affordability,” she says.

Marco Cristofoli, md of

Harvey World Travel Southern

Africa, agrees, saying that

while some of these aspects

of the product are already

offered in the local market,

a product such as this

would provide agents with a

great deal of peace of mind,

especially in current trading

conditions when aspects of

dealing with suppliers are

beyond agents’ control. For

example, an insurance product

that offers third party cover

would be particularly welcome

given the number of suppliers

within the industry that have

recently defaulted, he says.

Even though these products

are already available through

different insurance providers,

none of the products are agent

specific, says David Pegg, md

of Sure Viva Travels. It would

also be more convenient to

place all insurance needs

under one company rather

than spreading them out

across different providers,

he says.

The new product is expected

to be available in the market

soon.

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