US Customs Bonds Through TRG
What is a Customs bond?TRG is the industry’s expert in U.S. Customs bonds. A Custom bond is a financial guarantee between 3 parties: the Insurance/Surety company issuing the Customs bond, the Principal (who is required to file the bond), and Customs & Border Protection (CBP). The Customs bond guarantees Customs & Border Protection that if they cannot collect monies due from the Principal they can seek remedy, up to the bond amount, from the Insurance/Surety company. The Customs bond also indemnifies the Insurance/ Surety company, allowing them to use any legal means to collect from the Principal any monies that were paid to CBP on the Principal’s behalf.
What are the different types of Customs bonds?
There are many types of bonds required by Customs & Border Protection (CBP) for various reasons. While TRG has the experience and expertise to provide every type, the most common types issued are:
Continuous bonds vs. Single Entry bonds
Most Customs bonds, overall, are Activity Code 1 Import Bonds. The import bond is required by CBP from all importers in order to clear entries through Customs. An importer may file a “Single Entry” import bond or a “Continuous” import bond. TRG only writes Continuous import bonds as they are significantly more cost effective than single entry bonds in the vast majority of situations.
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