There are two insurance policies that PTS has arranged in favour of the Trust Account to allow you to pay suppliers in advance. These are Supplier Failure Insurance and Scheduled Airline Failure Insurance. Supplier Failure Insurance allows you to pay suppliers in advance of your customers travelling using the customer funds in the trust account. This costs between £2.74 – £3.75 per passenger for customers travelling where the total they have paid into trust is below £1,000.00. Scheduled Airline Failure Insurance allows you to pay for flights in advance of the customer travelling. This costs from £2.44 per passenger. This will insure the Trust Account, and hence you and your consumer against the insolvency of the airline.
Supplier Failure Insurance – SFI has been arranged for the Trust Account by PTS to give you maximum flexibility. Payments can be up to 180 days prior to the trip for deposits and 45-60 days for final balance. Supplier Failure Insurance is calculated on the total that the customer has paid to Trust (this will include your margin) and is priced as below:
- £0 – £1000 | £2.74 per passenger
- £1001- £2000 | £3.76 per passenger
- £2001 – £3000 | £5.88 per passenger
- £3001 – £4000 | £7.84 per passenger
- £4001 – £5000 £11.40 per passenger
- £5001 – £6000 £14.60 per passenger
- Please Note – Bespoke arrangements can be put in place if you require cover in excess of the above options.
Once you have paid your suppliers in full (this can be either by you paying the suppliers directly and claiming the payment back from the trust account or by paying directly from trust) then you are able to claim your profit on the booking. You can claim your profit on any working day by 11.00 am UK time and your profit will be released directly to your business account within two working days. You will also receive a breakdown of all payments on the booking including any supplier payments and SFI associated with the booking as well as the total PTS fees and your profit.
PTS also has a policy in place that allows you to pay airlines directly from trust (Scheduled Airline Failure insurance – SAFI) and claim margin at the same time. This means that flight only companies do not have to cash flow consumer funds. In the event that a flight only company or tour operator books a flight and has to book via a credit card, then you can also be reimbursed directly from trust. Please see below prices for SAFI:
- 00 – £1000.00 | £2.44
- 01 > 1500.00 | 3.30
- 01 > 2000.00 | 4.20
- 01 > 3000.00 | 4.90
- 01 > 4000.00 | 5.70
- 01 > 5000.00 | 7.56
- 01 > 6000.00 | 8.80
- Please Note – Bespoke arrangements can be put in place if you require cover in excess of the above options.
You can also claim profit at the same time you pay the supplier or claim funds that you have paid in advance for a flight. This is done in the same way as above with the SFI.
PTS also works with a broker offering Public and Professional Liability cover for members of Protected Trust Services. PTS members can benefit from a policy that costs from as little as £350.00 +12% IPT (Total £392). To obtain this, you must match the following criteria:
- Turnover less than £650,000
- Less than 500 passengers
- No hazardous activities (for an example; Base Jumping or Ice Climbing)
- Please Note – Bespoke policies can be quoted if required.
If you’d like to discuss how PTS can help your business further, please get in contact with one of Protected Trust Services’ (PTS) lovely staff members by calling 0207 190 9988. Or, you can visit our member support and travel trust account pages to learn more about how we protect you.
