New Catastrophe Plus Insurance Protects Tour Organisers

Leading travel industry insurance broker Cork, Bays & Fisher has launched a totally new insurance policy to protect 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 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 last April.

David Marshall, senior broker at Cork, Bays & Fisher said: “Most UK tour organisers were affected by the ash cloud from the volcano even though they never offered tours to Iceland. Flights were grounded, customers were delayed both here and  abroad, and the costs of recovering from this catastrophe were huge. It is estimated that the industry absorbed extra costs of around £15m per day. This policy is designed to take away the worry of these unexpected costs.”

The travel industry has been waiting for a comprehensive catastrophe policy to be developed, and it has taken a year for Cork, Bays & Fisher to put together the details.

Roger Allard, Chief Executive of All Leisure Group said: “We welcome this new and innovative product. This insurance eliminates a serious exposure to tour operators from natural disasters that their legal and contractual obligations, not to mention moral duties, may result in tour operators suffering irrecoverable refunds made to their customers.”
 
Christopher Photi, Partner at White Hart Associates LLP said: “Given the cataclysmic events that have befallen the travel industry in recent months and indeed over a more prolonged period of time, this will assist tour operators greatly in their planning.  Geo-political upheaval is one of the biggest risks and uncertainties that any travel company now faces, so to have an insurance policy tailored for the needs of such potential upheaval is an extremely good protection to have and is something that we will actively be recommending to our client portfolio.”
 
The policy is being unveiled to key travel industry contacts this week as the summer 2011 season gets underway.

ENDS

Full details of the policy are available from the Cork, Bays & Fisher team:
David Marshall 0207 655 8084  david.marshall@corkbaysfisher.co.uk
Clifford Flack  0207 655 8082   clifford.flack@corkbaysfisher.co.uk
Ryan Weekes 0207 655 8083  ryan.weekes@corkbaysfisher.co.uk

Issued on behalf of Cork, Bays & Fisher by Keith Betton Consulting
Keith Betton  07809 671468 keith@keithbetton.com