TICO Module 5 Flashcards
What is the purpose of the Travel Industry Compensation Fund?
To protect consumers who book through an Ontario registered travel agency and do not receive their travel services as a result of insolvency.
How is the Compensation Fund is financed?
Contributions made by registrants, loans (when necessary), recoveries of money paid from the Fund, and income earned on the money in the Fund.
Identify the two types of claims…
A Standard Claim and a Triple Completion Expense Claim.
Who is allowed to make each type of Compensation Fund claim?
A customer, a travel agent may Standard Claims and Triple Completion Expense claims.
A travel wholesaler may only make a Standard Claim.
What are claim limits?
Limits to the amount paid out in the event of a single event or major event.
Explain the claims procedure…
- Attempt to seek reimbursement
- Be able to show you were not reimbursed
- Be able to show you paid for un-received services
- Complete a TICO claim form
- Complete a legal affidavit
How does the appeals process work?
Once a Tribunal has decided not to reimburse all or part of a claim, they must notify the claimant. The claimant has 15 days to appeal.
Who may appeal?
Clients/Retailers/Wholesalers (Any claimants)
How is the Compensation Fund is administered?
By legal counsel, accountants, etc. appointed by Board of Directors
