Illinois airline reporting bond cost
If your business has an agent reporting agreement with the Airlines Reporting Corporation (ARC) addressing how your business reports and settles ARC Traffic Documents, you are required to post a surety bond.
Bond amounts are determined by the Airlines Reporting Corporation. Since the amount of the bond varies, the premium an applicant will pay also varies. The premium an applicant pays is based on a review of their credit report. An applicant with exceptional credit could pay as little as 1% of the total amount of the bond.When you receive the amount you are required to post,contact the Airlines Reporting Corporation.
Why this bond
By posting a bond, the principal guarantees to comply with the provisions of the Agent Reporting Agreement and to pay all amounts owed to the Airlines Reporting Corporation. All ARC-Accredited Entities need a bond. This includes all of the following:
- ARC-Accredited Agents (also called Ticket Reporting Agents or TRAs)
- Corporate Travel Departments (CTDS)
- Sovereign Entity Agents (SEAs)
- Sovereign Entity Corporate Travel Departments (SECTDs)
Illinois airline reporting bond details
Illinois airline reporting bonds are in effect for one year and must be renewed annually until claimed against or cancelled. The surety has the right to cancel the bond at any time by giving 30-days’ written notice to the principal and obligee.
Become an airline reporting company
To be placed on the ARC Agency List, you must submit an application to the Airline Reporting Corporation. Along with the application, an applicant must submit the following:
- Non-refundable $2,000 application fee
- $210 annual fee
- Surety bond in the correct amount
Apply for your surety bond
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