What is an import bond?
A Customs import bond is a financial guaranty 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.
How is my 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). TRG’s Clients enjoy the freedom of utilizing multiple brokers/FF while purchasing the bond direct.
About TRG Bond™:
Since 1991 TRG Bond™ has been specializing in providing Customs bonds, direct filing, and cargo insurance directly to importers. Our bonds are underwritten by Hanover Insurance (A.M. Best Rated A). More than
10,000 companies, including Stanley Black & Decker, Kawasaki and Bosch
, save every year by using TRG Bond™. Before TRG, insurance companies would invoice for a Customs bond through a 3rd party billing service such as a Customs broker/FF. Today’s importer decreases import related costs by purchasing this bond direct.
What is an Import Bond
Importer > Broker/FF > Surety Agent
- OR -
Importer > TRG Bond™
How Multi-Year Pricing Works:
TRG Bond™ gives access to a multi-year pricing structure that can only be offered directly from a surety agent. Multi-year pricing decreases our administrative costs and we pass the savings along to you. A continuous import bond remains on file with U.S. Customs until it is terminated.
We Do it All!
TRG issues your bond in accordance with CBP requirements –AND
- handles any and all bond changes at no additional charge
-Importer number changes
-Addition and deletion of trade names
All TRG Bond™ customers are automatically enrolled in our Loyalty Program
which includes FREE in-house claims assistance, FREE access to our web-based Customs Reporting system Eagle Eye
, FREE 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.
10 minutes to apply online and seamless transition to TRG Bond™!
The application process is simple and available online. This is a quick 10 minute process and for convenience, a TRG licensed Insurance Producer
will complete it with you over the phone. After brief U/W, TRG Bond™ files your bond with Customs prior to your renewal date, the new effective date stays the same and nothing changes in your importing practices.