JACK and Seach Insurance Brokers
has introduced a new insurance
product that protects agencies
against losing money due to human
error, crime and fraud. The product
is available to all travel agencies,
regardless of whether they are Iata
accredited or not.
The new product encompasses
Personal Insurance, Directors
and Officers Insurance and Crime
Insurance into one package.
The Personal Insurance, also
known as Errors and Omissions
cover, protects businesses that are
sued by a customer for negligence
and other human errors, for
example, if the agency is charged
an ADM by an airline due to an
agent’s error or if a client is booked
on the incorrect flight or destination
and has to be refunded. All subject
to any excess.
Directors and Officers insurance
protects the personal assets of the
directors and officers of a business
in the event that they are sued
personally for negligent conduct
in terms of their duties within that
business.
Crime Insurance includes a fidelity
guarantee that indemnifies the
business against misappropriation
of funds by staff, excluding owners
and directors, and insurance
against computer crime. It also
protects against fraudulent use of
technology to steal money from the
business.
Charmaine Brogden of Jack
and Seach, which is also the
appointed agent to administer the
DIP on behalf Lloyd’s of London,
says the purpose of the cover
is to protect the businesses of
agency owners. She also points
out that professional indemnity
cover is compulsory for lawyers,
doctors, accountants and financial
service providers and suggests
that the new cover will enhance
professionalism in the travel
industry.
The cost is rated on the fee
income of the business. As with
other insurance, every claim will
push up the premiums and
excess.
