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10+2 Importer Security Filling

The interim final ruling of 10+2 Importer Security Filing was passed on November 26th. The implementation is only months away, are you ready?

It’s official, 10+2 filing requirements will be in effect January 26th 2009. U.S. Customs and Border Protection posted the interim final ruling in the Federal Register only twenty days after the Office of Management and Budget approved the ruling for finalization. Importer Security Filing has been a seven month long tug-of-war between the trade community and CBP. For a background on 10+2 please visit the TRG Trade Spotlight

The Basics of 10+2 ISF

ISF importers will be required to transmit all ten of the previously proposed data elements. CBP will be allowing a one year compliance date. CBP is aware that business practices will need to change in order to comply with this regulation. As of January 26th 2009 importers must begin 10+2 filing, but penalties for non-compliance issues will not be issued. During this phase in process a structured review will be in place to evaluate any difficulties importers are facing with compliance. Once 10+2 is in effect, each ISF violation will be equal to $5,000.

U.S. Customs carefully reviewed the comments the trade community posted after 10+2 was first proposed. The Federal Register responds to many of these concerns and the adjustments that were implemented in the ISF interim. The summary of these changes can be located here.

Importers & 10+2

As an importer, you must now begin preparing for the inevitable (if you have not already). 10+2 is only months away.

Where will this information be collected and stored?
How will our information be processed to U.S. Customs 24 hours prior to vessel lading?
What will be the cost associated with the additional transaction?
Will we manage to be compliant?

TRG Direct is the solution to 10+2 Importer Security Filing

10+2 does not need to disrupt your import practices. Our web based system is fully capable to transmit these additional data elements within the required 24 hours prior to vessel lading. Don’t slow down the process by passing the information through a third party and risk delays and penalties for non-compliance. Begin filing direct now and ease your company into 10+2.

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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 Great American Insurance Company of Cincinnati, Ohio, both of which are insurance companies approved by the Department of the U.S. Treasury to issue U.S. Customs bonds.

Our marine policies are written by our sister agency, Corporation for International Business – dba Boomerang Freight Solutions Insurance Agency in the state of CA, dba Corporation for International Business, Inc. in the states of CT/MA/MO/NM, and dba CIB Insurance Agency, Inc. in the states of FL/MD/NH.