NewGen ISS – Global Default Insurance
Global Default Insurance is a voluntary type of financial security offering more choice to travel agents.
Global Default Insurance is a collateral-free form of financial security that travel agents can use to meet their financial security requirements with IATA.
Global Default Insurance (GDI) is a new option for agents required to provide IATA with a Financial Security. Offered by Euler Hermes, a top credit-risk insurance provider, GDI consists of a global default insurance policy, held by IATA on behalf of Billing Settlement Plan (BSP) participating airlines. Agents can request coverage under this policy for the amount of financial security required by IATA.
GDI does not require collateral and, once in place, adjustments to the amount of cover can be easily requested should an agent need to provide increased financial security or wish to increase their RHC.
GDI is currently being rolled out globally across BSPs, and will be available to agents in addition to those financial securities currently acceptable under IATA Resolution 850p. GDI will not replace other security types, including local Default Insurance Programs (DIPs).
Agents interested in obtaining further information on GDI or requesting a quote, should visit Euler Hermes’ dedicated website. Agents may also contact IATA’s GDI brokers, Aon and Marsh, at the following email addresses: IATA.GDI@aon.com and IATA.GDI@marsh.com.