Element Partners With FairPlane to Offer Flight Delay Coverage
FairPlane and ELEMENT are now partners; the two joined forces to offer a new insurance product in Germany called FairTravel to compensate in the case of a delayed flight.
Since 2011, FairPlane has assisted passengers in claiming compensation for flight delays, cancellations or overbooking of air travel. “The biggest annoyance of our customers is the flight delay itself, and subsequently the commission that they have to pay if they activate a passenger rights portal” – Founder and CEO of FairPlane, Andreas Sernetz. These passenger rights portals charge an average of 30% commission in successful cases.
With the new product – FairTravel – customers can purchase an annual policy up to 14 days ahead of departure for 9.90 euros. Later, the insured can claim up to two damages for each flight (assuming roundtrip flight). If the flight was delayed, canceled or overbooked, the insured can report the damage. Specifying the policy number and flight details, the flight will be submitted online to FairPlane. The claim for compensation payment is then audited and once approved the customer receives the full compensation – without deductions. There’s also the option to purchase coverage per trip for 3.50 euros.
FairPlane acts as the distributor and will be leveraging its relationship with travel agencies, online booking platforms and/or major consumer clubs to offer this product.
The companies plan to expand coverage to Austria.