The ABTOT application process for UKCOA Members
ABTOT is approved and authorised by the Department for Business and Trade to run a bonding scheme. Bonding, generally, is the most straightforward and effective way for travel organisers to comply with the insolvency requirements under the Package Travel Regulations. With nearly 400 travel organiser members and over 30 years’ experience, UKCOA members can join ABTOT by following the simple application process below.
1) Call Andrew Day, Wrightsure Insurance on 01329 820762 or email [email protected]
Alternatively call ABTOT new business team, Natalie or Julie, on 020 7065 5313 or email [email protected]
2) Wrightsure are able to provide assistance with the initial application process. You will be required to provide:
• 12 months projections for your coach package holidays
• year-end accounts for the last 2 years
• date of incorporation and size and type of business that you operate
• a CV for all directors if the applicant company has been trading for less than 2 years
3) A no obligation indicative quote will be prepared – this will set out the bond level and premium cost, plus Membership fees including the shortfall insurance contribution. If this is acceptable, your application will move onto the formal stage.
4) The ABTOT application form is then completed online via ABTOT’s extranet system; you will be provided with a login and support will be provided by Wrightsure to complete this if required – some of the information will be pre-populated from the information which has already been provided. At this stage of the process, the £100 application fee will be payable.
5) Once the application and supporting information has been submitted, a quotation for your level of bonding will be sent to you. Membership terms will be sent to the applicant company by ABTOT. At this stage you will move under the care of the ABTOT Membership team, Samantha and Vicky.
6) Agreement of ABTOT’s Membership offer will include signing and returning The ABTOT Bonding and Shortfall Regulations, reading and agreeing to comply with the Code of Conduct and the ABTOT logo and wording guidance by way of a signed Declaration. You will also need to add approved wordings and the ABTOT logo to your website, terms and conditions, brochures, invoices and other customer documentation.
7) ABTOT Membership can be renewed at end March, June, September or December and renewals will be invited three months before your current membership is due to expire.
8) The minimum bond that can be set under the Package Travel Regulations is 10% of your projected package turnover; however, the actual Bond level will be determined by ABTOT and their underwriters as part of your application review. As the Bond is based on projections, a variation or top up Bond may be required during membership if your bookings significantly exceed your initial projections.
9) Bookings are declared quarterly in arrears, via ABTOT’s online portal. Declaration submission months are January, April, July and October.