What Is A Customs Surety Bond and Why Is Continuous Import Bond Important?

by Samuel C. Customs Advisor

Customs Surety Bond acts as license and permission by the U.S. Customs and Border Protection (CBP) to allow foreign goods to enter the country. So if an individual thinking to import goods through ocean vessel, he is required to obtain customs bond to ensure that he will pay all duties, taxes and penalties levied on his commodities. It is demanded by U.S. customs and federal government officers at different ports (there are over 320 ports) to clear the entries.

By bonding the importing party the CBP agency allows itself and owner to claim all monies, faults and duties from the surety company. Continuous import bond is of paramount importance for the people who deals in importing shipment into the U.S.

Customs Surety Bond

If you’re an international carrier and trader who moves cargo and passengers from abroad locations to America, the state, local and federal govt. may ask for different customs surety bond rely on specific activity codes.

There are two major bonds popular among freight forwarders – Single Entry Bonds and Continuous Customs Bond.

The selection depends on how frequently you are required to supply. If it is one time then single transaction bonds are appropriate but if more than one time in a single calendar, it is continuous import bond perfect and affordable.

Continuous Import Bond

The continuous import bond covers all merchandize within a year. If the commercial value of your transacting property is above $2,500. You can purchase a customs surety bond of worth $50,000 in about $250 from any licensed insurance company.

This type of customs surety bond covers ISF filing and customs entry so you do not need to pay extra charge for that. It will be utilized by the broker/agency you choose to clear your goods at the US ports and in any complicated documentation procedures. It is also important because of safety of your products and timely importation.

You can hire a customs bond service provider who deals in any kind bonds and have strong connections with government officials and other port members. We hope that you have understood the customs surety bond.