As the next renewal deadline rapidly approaches, our team is diligently reaching out to clients to kickstart the bond renewal process. To ensure everything goes smoothly, here are four key steps you should focus on:
1. Submit your application as soon as possible
The ATOL, ABTA and ABTOT renewal process is in full swing. Send in your applications as early as possible to avoid the stress of last-minute submissions. Applying early means you’ll know what security you need, so you have time to secure the capacity and put it in place before the deadline.
2. Review your bond conditions
With recent increases in bond capacity, you may be eligible for better terms. To take advantage of this, submit your bond renewal documents promptly so discussions with bond providers can begin as soon as possible.
3. Keep your management accounts and forecasts up to date
Bond providers require the latest financial information. Ensure your management accounts and balance sheet are updated, and have your cash flow forecasts ready to show the financial health of your business. Providing accurate and up-to-date information will reduce the number of questions the underwriters require.
4. Inform us immediately after receiving a decision from the CAA, ABTA or ABTOT
Bond providers need a copy of your decision letter to formalise a quote. If you’re a Travel Vault client, share this with us as soon as you receive it so we can meet the CAA, ABTA and ABTOT’s deadlines.
We collaborate with a range of approved insurers to offer competitive bonding rates. With our extensive experience in the travel sector, we can make your bond application process as smooth and efficient as possible.
If you have any questions or need further information, please don’t hesitate to get in touch.
