Travel & General Insurance limited (t&g) provide ABTOT travel bonds for accommodation sold with other travel services (non-licensable bonding) for ABTOT Members. As insurance bonds tend to have no security requirements and can provide a much more attractive deal for travel organisers. Each enquiry is looked at on an individual basis.
t&g offers ABTOT travel bonds at reasonable rates dependent on the individual risk assessment. ABTOT’s preferred method of bonding is a travel bond with t&g however:
We will accept bank bonds too where this is felt more convenient by clients. The main difference between the two is that banks generally require security before they will issue a travel bond e.g. cash to be put aside or the financial guarantee secured against property such as the travel organiser’s home.
Every Travel Bond has to be accompanied by ABTOT’s shortfall policy. The shortfall policy is a requirement of the Department for Business, Energy and Industrial Strategy (BEIS) and is there in case the value of travel bonds held by ABTOT members turned out to be insufficient in the event of a failure. The shortfall policy amount is based on bond value.
To apply for a Travel Bond you will need £10,000 paid up share capital.