Protected Trust Services has put together a Covid 19 Recovery Package as it reports a threefold increase in membership enquiries over the last week.
The travel protection solution company and new style ‘consortium’, which operates a trust fund model for more than 200 members, said it has had around 30 enquiries between March 23 and April 2nd from travel agencies, up from around 10 per week normally.
PTS attributed the increase to soaring demand for alternative consumer financial protection models.
Fewer companies were now offering insurance and bonding and prices of existing policies have rocketed due to an increased risk factor during the coronavirus pandemic and following the recent Thomas Cook collapse, said PTS.
PTS said agencies were getting in touch as their policies came up for renewal in a bid to find alternative economical and secure financial protection models.
As a result PTS has launched a Covid 19 Recovery Package for trading companies that need an alternative to financial failure insurance and other models.
Managing director Daniel Landen said: “During this unprecedented time the PTS model is proving itself. Not only are travel companies around the nation trying to support their current clients, they are now looking forwards to ensure their survival and establish a more robust method of trading to secure their business moving forward.”
The Covid 19 Package is only available to trading companies and independent travel professionals which have been impacted by the current situation.