Surety1: Your Travel Agency Bonding Partner— Travel Safe
You are helping people realize their travel dreams and making sure they get from point A to point B. The money your employees handled during these transactions also has to make its way into the right hands. Errors can occur, and mistakes are often made, which is why you need an Airlines Reporting Corporation (ARC) Surety Bond.
What is an Airlines Reporting Corporation (ARC) Surety Bond and do I really need one?
The Airlines Reporting Corporation (ARC) is a technology company that provides transportation settlement solutions, data products, and services including ticket distribution for travel agencies, airlines, corporate travel departments, railroads and other suppliers of travel services. Travel agents are representing the travel companies that provide services and the bond protects those companies from any issues where they may not receive payment for services rendered. If, for any reason, a travel agent doesn’t forward the funds for service, they may make a claim against the bond and the travel agent or agency will be responsible to pay the bond company back. Any travel agent or entity working with ARC must obtain a surety bond because they transfer large quantities of money. This network is in place to protect their reputation and their customers.
What are the Requirements and the fees?
In order to join ARC, you must have a surety bond. The Airlines Reporting Corporation advises that you obtain a bond through a company like Surety1, which has expertise in placing these special commercial bonds.
ARC sets out the parameters for the amount of bond you need, and you may satisfy that requirement through multiple bonds. According to the ARC, “The amount must be at least equal to the average monthly net cash remittance as determined for the 12-month period ending on the last sales period ending date of the fifth month prior to the anniversary date of the Agent’s bond, LOC, or CSD.” The bond can’t be lower than the minimum of $10,000 or $20,000 depending on the circumstances and doesn’t have to exceed their maximum requirement of $70,000.
How do I obtain an Airlines Reporting Corporation (ARC) Surety Bond?
The team members at Surety1 are experts in placing unique bonds such as these. We will walk you through the process and help you determine the amount of bond you need. We’ll also take your information and get back to you with a quote after you complete our user-friendly application process. One we have the approval, you simply sign and send the forms back to us with payment, and you’ll be helping people travel around the globe!