A Seller of Travel or Travel Agency is any person or entity that provides goods for sale for individuals or for groups. These goods can be sold either by wholesale or retail indirectly or directly. The Seller of Travel surety bond promises that the sellers of travel will follow state-specific statutes. These statutes regulate the industry and protect consumers from misrepresentation, fraud, a breach of contract, and much more. The surety bond ensures the travel agent will handle money transactions legally and ethically.
Some travel agents are in the position of holding a large sum of money that needs to be handed over to the actual company that is providing service to the traveler. Government agencies in most states require travel agents to purchase bond insurance. States such as California, Iowa, Florida, and Washington require this surety bond. For example, in California, a California Seller of Travel Bond is required for a seller of travel that has a business in California or offers services to people in California.
This type of license and permit bond is required in order to provide a safeguard to consumers if the seller of travel goes against certain rules and regulations. If a travel agency does not forward the client’s travel booking funds to the particular parties such as a resort or car rental service, a claim can be filed against the bond.
The bond amount depends on the highest single day’s balance of customer money that is held in trust if the account exists. Also, the cost of the bond depends on the bond amount and the credit score of the applicant.
Here at Surety1, we work with both good and bad credit. It’s free to apply and takes only 1-2 business days for your surety bond to be issued. Visit our website Surety1.com where the application page can be located.