The Spa and Wellness Association – Singapore (SWAS) will, on 15 July 2010, launch an Insurance Warranty Plan as a form of consumer protection for prepaid service packages sold by its member Companies.
The product is the culmination of conscientious efforts by the committee members of the association to seek a viable solution to address the adverse reputational effects of the media outburst following the recent closures of a few of the industry members.
The Insurance Warranty Plan is the initiative of AVA Insurance Brokers Pte Ltd (AVA), a firm of professional Insurance Brokers and Consultants, who were appointed by SWAS earlier this year to design a viable and purpose built risk transfer mechanism for its members.
The Insurance Warranty Plan will compensate SWAS members’ customers for the unutilised, or unused portion of, a prepaid service package, subject to a small deductible, in the event of closure of an Insured member’s outlet(s) as a result of either of the following Insured Events:
a) Insolvency, compulsory liquidation and / or bankruptcy of the Insured’s organisation; or
b) Death or permanent disability of the owner, key partner or director thus making it impossible to keep the business operating.
At a reasonably affordable premium, SWAS members will, following pre-enrolment underwriting, be granted a specified amount of credit limit which can be issued in any individual coupon up to a maximum value of S$2,000.00 per customer coupon. These warranty coupons will be valid for a year from the date of issue. Customers who purchase prepaid service package from such insured members will be issued with a Certificate of Insurance specifying the amount of warranty and its period. Customers will be compensated in cash, subject to a small deductible, following the happening of the Insured Events.
With the joint launch of this Insurance Warranty Plan by AVA and SWAS, the association trusts that customers’ confidence in the industry will be restored.
For further information, you may contact:
Mr Michael Chew, CEO, AVA Insurance Brokers Pte Ltd
Mobile : +65 9616 6873
DID : +65 6535 0188
Ms Susan Teng, Vice President, Spa and Wellness Association Singapore (SWAS)
Ms Stella Yfantidis, Marketing and IT Chair, Spa and Wellness Association Singapore (SWAS)
Tel : +65 6513 7315
