CITYBOND is planning to diversify its activities to further extend its insurance services to travel agents.
Sales director Iain Chalmers declined to reveal details ahead of the formal launch in three months, but said the company now offers every type of travel insurance policy and needs to branch out with other product.
Its policies include general holiday insurance, annual schemes, policies for young people, long stay and winter sports.
It has also just launched Spectrum Sports activity insurance.
Chalmers said: “Having worked hard over the years to build up our network of agents, we want to provide more for them rather than expanding by trying to go down the direct-sell route.”
The new Spectrum Sports policy has been developed for those who might want to take part in an activity while on holiday.
Chalmers said most policies require clients to know what they will be doing in advance and pay additional premiums upfront. With Spectrum Sports, there is no additional premium, but the medical excess will be increased if the client is injured while taking part in an activity.
“This is for people who might decide on the spur of the moment to go white-water rafting or scuba diving, for instance,” said Chalmers. “It makes it very simple for agents, who do not have to worry about charging an additional premium.”
The amount by which the medical excess increases varies depending on the activity.
Bungy jumping, hot-air ballooning, water skiing, white-water rafting and all types of winter sports push this up from the standard £45 to £100, while scuba diving to 60 metres, pot-holing, rock climbing and parasailing carry a £200 excess in an injury claim is made.
“We have included all the activities that people have requested cover for over the years,” said Chalmers.
“I would like to think it becomes the policy of choice for many holidaymakers as so many are taking part in activities while they are away. But it is more expensive than ordinary Spectrum holiday insurance.”
Spectrum Sports costs £15.20 net for Europe and £33.60 worldwide for 17 days, compared to £8.70 and £18 for the higher tier of Spectrum holiday insurance.
Chalmers added: “I think we are the first to approach activity cover in this way. As well as pushing it through travel agents, our aim is to market the policy to tour operators specialising in the activity market.”