INSURANCE TERMS AND CONDITIONS
These terms and conditions are translated to English. Any questions arising with respect to the nomenclature shall be determined by the local language.
PREMIUMS AND FEES
Premiums are determined on the basis of the company’s financial status and the size of the guarantee.
The following are the minimum premiums for both open-ended and time-limited guarantees. This applies even where the calculated premium on the required guarantee is lower than the minimum premium.
- SEK 3 000 for members of the Nordic associations of travel agents and tour operators
- SEK 5 000 for non-members
Example: The cost of the premium for an open-ended guarantee (which runs on a yearly basis) of SEK 100 000, for which the premium is 1,75 %, will be SEK 3 000 for an SRF-member and not SEK 1 750.
For time-limited guarantees the minimum premium is SEK 500.
Example: A tour operator has an open-ended guarantee of SEK one million for which it pays a premium of 1,5 %, i.e. SEK 15 000. During the year, the company receives an instruction from the regulating authority, Kammarkollegiet, to increase the guarantee during July-August with a further SEK 100 000. With a premium rate of 1,5 %, the premium for this two month period amounts to SEK 250, but Vector debits the minimum premium of SEK 500.
There are no additional fees, for registration or otherwise.
As far as is possible, depending on the company’s financial status, no other collateral or counter-securities are required.