Air Travel Trust Fund: Insurance

Department for Transport written question – answered on 8th October 2019.

Alert me about debates like this

Photo of Luke Pollard Luke Pollard Shadow Minister (Environment, Food and Rural Affairs) (Fisheries, Flooding and Water)

To ask the Secretary of State for Transport, what the value is of the (a) insurance and (b) reinsurance that the Air Travel Trust Fund has that covered the collapse of Thomas Cook; and which insurance companies underwrite that insurance.

Photo of Paul Maynard Paul Maynard Parliamentary Under-Secretary (Department for Transport)

The Air Travel Trust Fund (ATT) is the primary source of funding when an ATOL holder fails. The ATT has in place insurance policies that provide the Trust with access to funds in the event of ATOL holder failure(s), where costs arising from refunds and repatriation exceed either £150 million, £70 million or £10 million in a policy year, depending on the size of the failed ATOL holder(s).

Cover is provided by a panel of insurers and the annual limit is £400 million. The specific terms of the policies are confidential between the ATT and its insurers.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.