TOWARDS IMPROVED STABILITY AMONGST BOOKING AGENTS Details of a Scheme
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of Insurance that has Been Introduced ASCHEME is announced by the Booking Agents Aslociation of Great Britain, Ltd., the offices of which are at 40, Sherbrooke oad, Fulham, London, S.W.6, by which public-servicevehicle operators and main booking agents can insure against the default, bankruptcy, etc., of subsidiary booking agents.
Agents who are members of the association pay annual premiums to cover their own responsibility up to £400 each. Operators or main agents wishing to avail themselves of the insurance thus made are asked to pay to the association 2s. per annum in respect of each agent in whom they are interested. In the event of a default the
sum of 1400 is available to be divided pro rata amongst participating creditors, and other operators are quickly advised.
The secretary of the association tells us that an essential feature of the scheme, which has been arranged with a well-known insurance company, is the regular weekly presentation by operators of their accounts to subsidiary booking agents.
Should an operator or main agent wish to be insured for a bigger sum in respect of a particular agent than would be represented by his pro rata share of MO, additional cover can without difficulty be separately ne*gotiated. In any case,/ if sufficient support be forthcoming the association proposes to increase the amount of cover.
The association states that it is making no profit out of the arrangement, being, naturally, debarred from so doing, and the object is to Stabilize the relationships in the road-travel hooking business, the advantage to the operators and main agents being reflected in an advantage to the smaller concerns, for they will be encouraged to preserve their good reputations by prompt settlement of their accounts.