There have been a lot of recent changes to the U.S. Customs bond industry, from sureties pulling out of the Customs bond business to Managing General Agents (MGA) moving to other surety markets. Unfortunately, Customs will not allow the surety on a bond to be changed without re-writing the bond.
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Jan
Jan
Terminating a Customs Bond
Posted on: January 13th, 2017 • In Bonds
Once a continuous U.S. Customs bond takes effect the bond will remain in effect until it is terminated by the principal or the surety. Our office would handle any termination requests for bonds we write to ensure the bond is terminated appropriately in the Customs database. While many other lines
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Oct
Oct
Anti-Dumping and Countervailing Duties
Posted on: October 11th, 2016 • In Bond Type: 301-1 - Importer, Bonds
There is so much more to Customs bonds than just financial underwriting. The complex system of laws, regulations and taxes that principals who are involved in international trade are expected to know and be familiar with can be daunting. In fact it is often the Customs specific risks that can
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Oct
Oct
C.A. Shea’s Role in the Customs Bond Surety Approval Process
Posted on: October 11th, 2016 • In Bonds
C.A. Shea provides a unique dual role in the world of customs bonds as both a facilitator and as a specialty broker. Our firm’s primary role is to assist brokers with the placement of Customs bonds for accounts whether they are part of a larger surety program or a stand
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Oct
Oct
Carnet Bond Renewals
Posted on: October 11th, 2016 • In Bonds
In the event that your client has an annual Carnet bond, this is a reminder that the United States Council for International Business (USCIB) will be issuing letters in the beginning of October confirming the bond amount required for the principal’s annual Carnet bond for the 2017 term. Once this
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Jul
Jul
Paper 301 Bond Form Becoming Obsolete
Posted on: July 29th, 2016 • In Bonds
Customs moved to the eBond process in January 2015 to allow the bond information to be electronically filed with Customs. There have been a number of positive changes based on the eBond process, such as the speed in which a new bond can be filed and the reduction in paperwork
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Jul
Jul
Listing Multiple Principals on the Same Bond
Posted on: July 29th, 2016 • In Bonds
Occasionally, companies express an interest in listing more than one entity on a bond. In these situations, Customs does allow separately incorporated entities to be listed on the same bond as co-principals as long as the entities each have the same distinct legal status, such as corporations, partnerships or sole
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Jul
Jul
Updated U.S. Customs Bond Application
Posted on: July 29th, 2016 • In Bonds
Periodically, our office reviews our Customs bond application to ensure that it is up to date. The most recent application can be located on our website.
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Apr
Apr
Periodic Monthly Statement Processing Program
Posted on: April 1st, 2016 • In Bond Type: 301-1 - Importer, Bonds
When an import is made into the U.S., the duties, taxes and fees are due to CBP within 10 days. The Periodic Monthly Statement Processing Program (PMS) allows the principal to pay these duties, taxes and fees on the 15th working day of the following month. This program is only
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Apr
Apr
Reconciliation Rider
Posted on: April 1st, 2016 • In Bond Type: 301-1 - Importer, Bonds
Reconciliation is a CBP process which, according to CBP, “allows the importer, using reasonable care, to file entry summaries with CBP with the best available information, with the mutual understanding that certain elements, such as the declared value, remain outstanding. At a later date (anywhere from 12 to 21 months)
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