Catastrophe Plus Insurance

To meet the demands of the travel industry for a comprehensive catastrophe policy, Cork, Bays & Fisher (a leading travel industry insurance broker) are pleased to announce the launch of a new insurance policy to protect both tour operators and dynamic packaging companies against the financial cost of unexpected incidents.

Catastrophe Plus is the first policy of its kind to benefit from the backing of Lloyds underwriters and provides financial cover for events such as storms, earthquakes, tsunamis, adverse weather, volcanic eruptions, riot, civil commotion, strike action and most epidemics.

The policy (which has been 12 months in development), was created at the request of tour organisers who were left with significant costs to pay following the eruption of the Eyjafjallajokull volcano in Iceland in April, 2010.
 

Scope of Cover

The policy will cover the Insured for their NET ASCERTAINED LOSS, including any costs incurred whilst mitigating such loss, when those losses arise from an insured peril.
 

What is Net Ascertained Loss?

This is the loss to the insured after all recoveries from airlines, accommodation or providers of other lost or curtailed services, and after mitigation.
 

What is Mitigation?

It is the duty of the insured to act as if uninsured. They must always seek recoveries from airlines whenever possible. They must furthermore, attempt to offer their clients alternative dates or destinations. They must negotiate more lenient cancellation charges with their providers and do all things possible that will reduce the loss.

What are the Sums Insured?

Insurers will pay only up to the sum insured and any loss over and above that will be for the insured’s own account.

The actual sum insured is initially calculated, by the Insurers. This will be determined by the information that you will be asked to provide and will include a breakdown of turnover and booking patterns, type of business and destinations. On this basis we will calculate the premium.

The sum insured is an aggregate for the period of cover. If any part of the cover is exhausted by loss, insurers will consider reinstating the cover up to the full sum insured, other than for the peril that caused the loss, at an additional premium calculated pro-rata as to time and amount.

There is no excess to be paid by you.

For further information please click the Contact Us link.