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Trade Risk Guaranty is an industry’s expert in U.S. importing solutions located in Bozeman Montana 59715

U.S. Customs Import Bond



TRG
Continuous Customs Bonds Questions and Answers
How do I apply for a U.S. Customs bond?
Applying for a Customs bond is simple.  TRG needs a one page application and a power of attorney form completed and signed by an officer of the company.  TRG Bond files the bond with Customs & Border Protection (CBP) prior to the current bond's effective date (if a bond is already in place).  The new effective date stays the same and nothing changes in your importer practices.  TRG issues your bond in accordance with CBP requirements - AND- handles any and all bond changes at no additional charge.
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How long does it take to put the continuous bond in place with TRG?
The length of time to file a bond is determined by Customs and Border Protection. The most common bond is the $50,000 continuous Import Bond. Customs requires 10 business days notice for this bond. Other continuous Customs bond amounts and types may require more notice but not less.
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How much is a Customs Bond?
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Multi-Year Pricing: TRG offers clients access to a multi-year (1, 2 and 3 year) pricing structure that is unique in the industry. This reduces our service costs, which we can then pass along to the importer. As most importers know, continuous import bonds remain on file with U.S. Customs until they are terminated; no fixed term or expiration date exists. Multi-year pricing means flexibility and a lower cost for your Customs bond through TRG.
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What is a Customs Import Bond?
A Customs import bond is a financial guarantee between the Insurance/Surety company issuing the Customs bond, Importer of Record and Customs & Border Protection (CBP). Most Customs bonds filed are Activity Code 1 – Import Bonds. CBP requires all importers to file an Import Bond in order to clear their entries, even if the goods are duty free. The Import Bond guarantees CBP they will collect all import duties, taxes, fines or penalties, if not from the importer then from the insurance/surety company who issued the bond.
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Is this the same continuous bond I already have?
Customs bonds are issued in standardized format according to Customs and Border Protection regulations. Any authorized issuer of continuous Customs bonds issues the same bond format, parameters, conditions and coverage’s. The only difference in purchasing a bond from one issuer to another is the strength of the insurance company issuing your policy. TRG issues Customs bonds from companies with very high S&P ratings who have been operating well over 100 years. Anyone you authorize to clear entries on your behalf will be able to access this bond.
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How is my Customs Import Bond used?
A continuous import bond is good at any U.S. port and can be used by any Customs Broker or Freight Forwarder you choose to clear your entries. An Importer may only have one continuous import bond on file with CBP at a time. When a bond is placed, CBP issues it a unique bond number tying the bond to the company’s Importer Number (aka Tax ID). The broker/FF then files the import documents providing the bond number upon entry. Regardless of where the bond is purchased, it remains a policy of the surety and there is no ownership of this bond by a third party (broker/FF).


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Does a Customs bond renew?
When a surety agency or a 3rd party billing service such as a broker/FF sends a notice of renewal, it is a notice to submit payment for the upcoming bond term. This is not a tangible process; it is simply a matter of the insurance company collecting payment for the bond to remain in effect, as with any other product of insurance. TRG Bond™ uses the term renewal to refer to our agency billing cycle and offers Clients access to a multi-year (1, 2 and 3 year) pricing structure that is unique in the industry.
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What else does TRG offer with the import bond?
All TRG Bond™ customers are automatically enrolled in our Loyalty Program which includes in-house claims assistance, access to our web-based Customs Reporting system Eagle Eye, manifest confidentiality assistance, and other specialty discounts! You also have unlimited access to our Customer Loyalty Advocate who brings excellence to every client interaction and will assist you with any needs you have as a TRG Client.
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What is TRG's experience?
As you research the opportunity to purchase a U.S. Customs bond, you have entered the world of a niche insurance product. Since 1991, TRG built a team of Customs bond experts to specifically service this unique business. When it comes to your individual bonding needs, it is imperative that you have someone working for you to get the best price, service, and benefits available. Customs brokers and freight forwarders play an important part in assisting the importer on how to manage the import document process but do not concentrate on the niche business of international insurance. TRG Bond™ Solutions Experts are licensed insurance agents trained to offer the best Client Experience for your Customs bond needs.
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Trade Risk Guaranty (TRG) Brokerage Services LLC is a licensed insurance agency, having agency agreements with Hanover Insurance Company of Worcester, Massachusetts and Hudson Insurance Company of New York, New York, both of which are insurance companies approved by the Department of the U.S. Treasury to issue U.S. Customs bonds.

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