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Holiday Extras launches supplier failure cover

Holiday Extras is now offering dynamic packaging agents a new policy aimed at protecting against supplier failure.

The End Supplier Financial Failure Cover allows agents to sell the additional protection for packages not protected by the ATOL scheme.

It has been put on the market following a deal struck between Holiday Extras and travel insurance company International Passenger Protection (IPP).

IPP sales and marketing manager Michael Ward said: “We are seeing a rapid growth in travel insurance policies including this cover as consumers realise the shortfall in cover provided by the government’s ATOL scheme.

“The cover itself protects travellers against the insolvency of unbonded end suppliers up to £5,000 per person, so it addresses the needs of the complete cross-section of travellers.

“If failure occurs prior to travel, then the insurance will refund the lost ticket money.

“If failure occurs during the trip, then the insurance covers an equivalent return ticket, which often costs much more than the original ticket price.”

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