What is ABTOT?
ABTOT is the Association of Bonded Travel Organisers Trust. ABTOT is an approved body (approved by Department for Business, Energy and Industrial strategy) which oversees the bonding process to ensure that a Travel Organisers bond is at an adequate level to meet insolvency requirements as defined by The Package Travel and Linked Travel Arrangements Regulations 2018.What services do ABTOT offer?
ABTOT runs a bonding scheme and a financial failure insurance scheme, has an ATOL Franchise and a merchant acquiring facility partnership for card payments. – providing a simple solution for you to meet your regulatory requirements.
We do not look to replicate or charge for other services as we have ABTOT Associates who can recommend what you need.Do I have to pay customer monies into a trust account?
No, we do not require customer prepayments or other funds to be held in a Trust Account as this will restrict your cash flow and the growth of your business. We provide a cash flow advantage and we will not interfere in the running of your business.What is the process to arrange financial protection through ABTOT?
To arrange financial protection you need to apply to become an ABTOT member. The first step is to complete a formal application process that includes a full financial assessment. This will determine the value of the travel bond or financial failure insurance required to protect your customers’ monies.How does ABTOT financial protection protect my customers?
ABTOT holds travel bonds or a financial failure insurance policy during your membership. In the event of your financial failure we will use the travel bond or financial failure insurance to repay your customers who have booked but not yet travelled or to repatriate customers who are abroad at the time of your failure.Do I need to find cash equivalent to the bond’s value in order to be a member of ABTOT?
Not usually, but t&g or a UK bank could require cash collateral dependent on the outcome of their risk assessment.
Contact the ABTOT TeamEmail the team Call the team on 0207 065 5313