Advantage Financial Services has launched a supplier failure insurance product for agents who have Principal status as a result of dynamically packaging holidays.
AFS has supplied scheduled airline failure insurance for some years but this has only covered agents in the event of scheduled airline failure. With SFI agents will be entitled to similar protection for other elements of any package they create such as accommodation and car hire should those suppliers fail.
Confusion over consumer protection in the event of supplier failure was exacerbated earlier in the year when new rules preventing agents selling insurance to consumers - unless they are authorised by the FSA - came into force. Like SAFI, SFI covers the agent and not the consumer directly and so falls outside of the FSA insurance regulations.
Advantage Financial Services director David Sharp said: "AFS has provided SAFI for some time but now, with SFI, we are able to offer a more complete protection service for members and non-member agents."
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