Insurance specialist Atlas Voyage Secure (AVS) has extended its range of financial protection policies for the trade.
The news follows the withdrawal of insurers from the sector because of uncertainty created by the pandemic. Many firms have continued to see the travel industry as unstable despite the rise in financial insurance premiums, although these have increasingly included more restrictive terms.
AVS, which is part of All Seasons Underwriting Agencies and offers financial protection insurance for the trade, said it had “battled hard” during the pandemic to persuade insurers to accept risks for financial insolvency insurance as well as for travel disruption and cruise trip disruption in order to plug the gaps after insurers left the market.
The company has now partnered with two new insurers to underwrite a broad range of financial protection products including scheduled airline insolvency and supplier insolvency insurance.
The company says this will complement its existing financial insolvency insurance, travel disruption and cruise trip disruption cover.
The new insurers are able to underwrite policies not only in the UK but across all EU/EEA member states, allowing AVS to offer its extended range of financial protection policies in other markets, including Ireland, through its European office.
Lawrence Assock, commercial underwriter and product developer for AVS said: “We know that insurance companies are still very reluctant to cover the travel industry on a commercial basis as they still view the sector as unstable due to travel uncertainty.
“We are relieved to announce that we again have capacity to accept applications across our full range of travel industry specific products.
“These new insurers will also provide much needed capacity to offer the travel trade choice, especially when considering scheduled airline and supplier insolvency insurance options”.
He added: “We continue to court additional insurers to bring in more capacity.”
The company also plans to launch a new management system which will allow online applications and declarations.