In the wake of recent news about AIG and the Federal Government loan bailout, iTravel Insured, Inc. has received several calls from concerned travel agents and is addressing them accordingly.
Bill Dismore, executive vice president of iTravel Insured stated, "While we cannot predict the outcome of the financial crisis affecting AIG or AIG Travel Guard, it is important that travel professionals be prepared and have other travel insurance options to recommend to their clients."
According to Dismore, travel agents need to do some basic due diligence on behalf of their customers. "Each travel insurance provider has an insurance carrier that backs its programs," said Dismore. "Rating agencies like A.M. Best will give you the insurance carrier's financial strength, credit ratings and future financial outlook.
"For example, iTravel Insured's insurance carrier, Delos Insurance Company, has a Financial Strength Rating of A- (Excellent) and a ratings outlook of 'stable.' This rating, according to A.M. Best, indicates that the company has an excellent ability to meet its ongoing insurance obligations and has a low likelihood of a rating change due to stable financial and market trends."
Dismore further stated that, "Education and preparedness can provide travel agents and their clients peace of mind. Travel agents should become familiar with their programs and be prepared to address their customers' requests for alternative suppliers."