At Cork Bays & Fisher we are pleased to offer Catastrophe Plus Insurance – an insurance product to protect both tour operators and dynamic packaging companies against the financial cost of unexpected incidents.
Catastrophe Plus Insurance is the first product of its kind to benefit from the backing of Lloyds underwriters and provides financial cover for events such as storms, earthquakes, tsunamis, adverse weather, volcanic eruptions, riots, civil commotion, strike actions, and most epidemics. The product was created at the request of tour organisers who were left with significant costs following the eruption of the Eyjafjallajokull volcano in Iceland in April 2010.
This insurance covers the insured for their Net Ascertained Loss, including any costs incurred whilst mitigating such loss, when those losses arise from an insured peril.
What is Net Ascertained Loss?
This is the loss to the insured after all recoveries from airlines, accommodation or providers of other lost or curtailed services, and after Mitigation.
What is Mitigation?
It is the duty of the insured to act as if uninsured. They must:
- Always seek recoveries from airlines whenever possible, regardless of the Catastrophe Plus Insurance policy.
- Attempt to offer their clients alternative dates or destinations.
- Negotiate more lenient cancellation charges with the ir providers and do all things possible that will reduce the loss.
What are the Sums Insured?
Insurers will pay only up to the sum insured and any loss over and above that will be for the insured’s own account.
The actual sum insured is initially calculated, by the insurers. This will be determined by the information that you will be asked to provide and will include a breakdown of turnover and booking patterns, type of business and destinations. On this basis we will calculate the premium.
The sum insured is an aggregate for the period of cover. If any part of the cover is exhausted by loss, insurers will consider reinstating the cover up to the full sum insured, other than for the peril that caused the loss, at an additional premium calculated pro-rata as to time and amount. There is no excess to be paid by you.