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 of insurance can be terminated … Read more
In an attempt to better serve our clients, C.A. Shea can now offer emailed statements and renewal invoices. This allows our clients to receive their statements and renewal invoices directly into their email inbox without having to worry about documents getting lost in the mail. It also cuts down on the amount of paper used … Read more
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 greatly impact the underwriting terms … Read more
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 alone submission. In the case … Read more
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 letter is received, please have … Read more
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 that must be completed. Thanks … Read more
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 proprietorships. It is important for … Read more
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.
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 offered for continuous Importer bonds. … Read more
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) when the specifics have been … Read more
