What is a Virginia Airlines Reporting Corporation Agent Bond?

A quick guide to one of the most important requirements in becoming an ARC agent!

 

What is an Airlines Reporting Corporation Agent Bond?

Every person who will act as an agent for any carrier and has entered into an agreement with the Airlines Reporting Corporation (ARC) through the Agent Reporting Agreement is required to obtain a surety bond.

Compliance with the rules of the Airlines Reporting Corporation is one of the reasons for the procurement of a surety bond.

This includes, but is not limited to, the faithful performance of the following contractual obligations by the bonded agent:

  • The bonded agent must acknowledge and secure the ARC traffic documents that will be supplied by the ARC
  • The bond should cover the amount of the tickets or other instruments of value issued on ARC traffic documents that are owed by the bonded agent to the carriers and ARC

If the agent breaches the bond’s conditions – which includes the terms of the Agent Reporting Agreement – the Obligee (beneficiary of the bond) will be eligible to recover the amount by filing a bond claim.

 

What is the Airlines Reporting Corporation Agent Bond amount?

The bond amount will vary per applicant. It will be determined by the Airlines Reporting Corporation.

If you know your bond amount now and would like to find out what your bond premium will be, you may get your FREE SURETY BOND QUOTE from us HERE!

Those who have excellent credit scores will be eligible for a very low bond premium, or just 1% of the bond amount!

 

How can I get an Airlines Reporting Corporation Agent Bond?

In order to secure this type of bond, the applicant must seek the assistance of a surety bond company.

You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!

Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.

An underwriter will then evaluate the following:

  • Your financial strength
  • Your job/business performance history
  • Your credit score

Once the prequalification process is fulfilled, we will execute the bond and send it to you!

 

What are the surety bond conditions?

  • The surety bond should be issued by a Surety who is authorized to conduct business in the Commonwealth of Virginia
  • The surety bond should be made payable to the Airlines Reporting Corporation
  • The agent must obey the terms of the Agent Reporting Agreement and all the relevant laws and rules
  • If the agent commits a violation, the aggrieved party will be eligible to file a claim against the bond

GET YOUR FREE SURETY BOND QUOTE TODAY!