Default Insurance Program

 

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English
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Thai

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In comparison with the statistics of air cargo sales generated by individual cargo agent versus financial guarantee i.e. industrial bank guarantee placed with IATA and/or local bank guarantees furnished to Airlines, 45-day sales following 30 days credit term falls outside the collateral security. Taking into account of Airline’s exposure, immediate revision of collateral security is necessary.”, proclaimed by International Air Transport Association – IATA.
Relatively, in early 2001 a proximity talk among the parties concerned was held regarding the increment on value of the security to catch up with an actual outstanding debt of 45-consective days and also the viable option(s) to cope with a new big burden which shall be fallen on the cargo agents.
Thai Airfreight Forwarders Association – TAFA in collaboration with Airlines Cargo Panel – ACP (later adopted to Airline Cargo Business Association – ACBA) realized the member’s constraints, and had therefore assigned Thai Star Surety Co., Ltd. (TSSC) as an Association’s insurance consultant to carry out a feasibility study and negotiation with the Insurer(s) for a support of an appropriate insurance. The insurance is targeted to be a new instrument for promoting a day-to-day business and shall eventually be a single financial instrument to replace the existing bank guarantees.
In August 2001 the solution and the final draft of an insurance policy covering an outstanding debt of 45-day had been reached. Maximum limit of indemnity was THB 100 million per cargo agent, and THB 240 million in aggregate. The Insurer, Sri Ayudhaya Insurance Plc. Limited, and her alliances i.e. Thai Reinsurance Plc. Limited, Hanover Reinsurance GmbH, etc. well studied and clearly understood the nature and credible stability of the industry, had accepted and confirmed to start the scheme on the 1st of October 2001. This is the background and rationale of our so proud “Default Insurance Program – DIP”.
THE ROAD IS NOT PAVED WITH ROSES ! Same as others, just two weeks before the launching schedule, WTC or 9/11 had directly and significantly affected air cargo industry and insurance business globally. The Insurer delivered to us a sincere sorrow of being unable to start the program as planned due to 9/11 impact, and nothing could be committed. Following several talks, at last the parties concerned took a step backward and agreed to the new Limit of Indemnity of THB 50 million per cargo agent and THB 240 million in aggregate, and was ready for taking off on the 1st of October 2001. With an unstable step on day-one, DIP has lighted up a new era of the air cargo industry in the region, and now it is more than 7 years old with an entirely clean record of claim or default.
Results during 2001 – Present
?Policy Year Cargo Agents Airlines Total Sales: THB
2001 – 2002 ?55 ?38 ?8,590,364,000.00
2002 – 2003 ?70 ?44 ?19,766,996,000.00
2003 – 2004 ?70 ?44 ?17,172,950,764.76
2004 – 2005 ?70 ?42 ?21,947,473,646.95
?2005 – 2006* ?71 ?42 ? 24,667,377,588.05
?2006 – 2007* ?72 ?41 ? 21,756,346,828.69
?2007 – 2008* ?74 ?40 ? (@20,000,000,000.00)
Remarks:*? From the 5th year of implementation, Limit of Indemnity was adjusted to THB 100 million per one cargo agent and THB 240 in aggregate with a supplementary support from 3 new Insurers; Safety Insurance Plc. Limited, Siam Commercial Samaggi Insurance Plc. Limited and Alliance CP General Insurance Limited
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During the past years, on behalf of the members, TAFA has spontaneously been trying to strengthen the scheme and also to ensure Airline’s credit risk is proportionally covered. However, an impact on the insurance premium must carefully be taken into account. To be a single financial instrument to replace the existing bank guarantee is not too far to be true.
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By all means, discipline and ethics lies above all sorts of security guarantees. During the past 20 years, delay payment committed by TAFA Members has never been reportedly occurred. It is very unique. Probably the first successful project in South East Asia, achievement of DIP illuminates extra-ordinary strength and outstanding cooperation of the all parties involved in air cargo industry in Thailand.
“Unity Makes the Mission Possible”
Written By: Surachai Karnchanavanit
Thai Star Surety Co., Ltd.

 

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