DIY9-10 jan30 28/1/09 14:01 Page 53
ttglive.com
DIY knowledge
The XL collapse
highlighted the
need for agents
to ensure their
customers were
protected
number of travel insurance policies offering
this cover. We estimate 60% now cover
it compared with 10% at the time of the
XL failure.”
The Woolworths factor
“The risk is even greater in the current
climate,” McLean adds, “as many businesses
are suffering. As with Woolworths, no-one
is stepping in to buy them.”
A rival policy is offered by Rock Insurance
and backed by Europ Assistance, but only
agents who are Appointed Representatives
of Rock can sell it.
Rock managing director Antony Martin says:
“We offered travel insurance to XL passengers
including this cover, so we know it works.”
At £4 for a single-trip policy and £8 for an
annual policy, it protects clients for up to
£5,000 and will reimburse them towards the
cost of a replacement flight.
Agents should always check the small print
of any policy. If claims are referred to a credit
card company they could face a charge-back,
and some policies have a get-out clause
meaning the insurer may not pay up on a
company known to be in financial difficulty.
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