When importing goods into the United States, a customs surety bond acts as a financial guarantee to U.S. Customs and Border Protection (CBP) that all import regulations will be followed and the importer will pay all taxes, fees, and duties associated with importing to the CBP in a timely manner. These bonds are integral for protecting trade compliance and facilitating smooth transactions between international businesses and United States customs authorities. If an importer fails to follow U.S. Customs regulations or pay the duties, fees, and taxes incurred on their imports, a claim may be filed against the bond to cover financial damages.
The ProSure Group's team of surety advisors can help you obtain a customs surety bond quickly, easily, and at a competitive rate! Contact us today to learn more, or fill out our online form to receive a free, no-obligation quote!
A US customs bond is a contract involving three parties: the principal (importer or shipper), the surety company that issued the bond, and United States Customs and Border Protection. Essentially, this kind of bond ensures that the importer will adhere to federal regulations and that any money owed to the CBP by the principal will be paid. Should the importer fail to pay any duties, taxes, or fees, the surety company that issued the bond will be held liable for covering any financial losses.
These bonds are often required when importing goods valued at more than $2,500 or when importing goods regulated by United States agencies such as the Food and Drug Administration or the Environmental Protection Agency. Without a customs bond, the CBP will not release imported goods, leading to delays and potential penalties.
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There are two main customs bond types: single-transaction bonds and continuous bonds. Single-transaction bonds are ideal for occasional importers as well as those handling one-time shipments. A single-transaction bond will cover a specific shipment and ensure compliance with U.S. Customs for high-value or high-risk shipments. Continuous bonds, however, are ideal for frequent importers. A continuous bond will cover all shipments during a 12-month period, making this the more cost-effective option for importers with multiple shipments.
Additionally, the CBP requires other bonds for various specific circumstances. The following are the most commonly issued types of customs bonds, listed by their Activity Code:
There are several situations in which United States Customs and Border Protection require a customs bond. The CBP requires a customs bond when:
A customs bond's exact cost, or premium, will only be a small percentage of the bond amount. That percentage will vary depending on several factors, including the bond type and the applicant's credit health. Single-transaction bonds are priced individually, and their amount is determined by the shipment's total value, including all associated duties, fees, and taxes. The minimum amount for a continuous bond, however, is $50,000, but this amount can increase based on the importer's annual duties, taxes, and fees.
Contact The ProSure Group! With over 20 years of experience as trusted experts in the surety industry, The ProSure Group is your first choice for securing the surety bonds you need quickly and at an affordable price. Our knowledgeable team of surety advisors understands the complexities of U.S. customs bonds and works with an extensive network of surety companies to provide competitive rates and terms. Don't let customs requirements delay your shipments! Contact us today to begin the bonding process, or fill out our online form to receive a free, no-obligation quote!
| Type | Bond | Obligee | Bond Amount |
|---|
| Tax | Customs Bond | U.S. Department of Homeland Security, U.S. Customs and Border Protection
|
Varies | Apply For Your Bond Now |