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Customs Bond Definition
A Customs Bond is a financial guarantee between 3 parties, the surety, the principal, and CBP (Customs and Border Protection) that allows the CBP to make a claim against the customs bond if the Principal fails to pay the correct amount of money for duties and taxes based on the import transaction. Importers are required to have a customs bond for the importing of any commercial goods that are valued over $2,500 and are transported by air or ocean.
At The Surety Place, we understand that new tariffs and import requirements have dramatically increased requirements for customs bonds. New and increased tariffs mean that importers may need larger customs bonds than ever before. However, no matter what type or size of customs bond you need, or where you are located in the US, we can service your bonding needs. If you are an importer or a customs broker in need of a new customs bond, The Surety Place is here to help.
The New Customs Bond Requirements
RecalculatingWith the new tariffs set in place, it is important for importers to recalculate their estimated duties, fees, and taxes for a 12 month period. The continuous bond amount that needs be acquired when requesting your new import bond, which is a type of customs bond, should be 10% of those estimated fees. No matter what you need in terms of your customs bond, The Surety Place can help you reach your end goal. Our experienced staff has 39 years of combined experiences in the bond industry. Trust in us and our services; we do all the hard work for you so you can focus on your main priority, your business.
Higher PremiumsFor importers, new tariffs mean higher bonds, and higher bonds mean higher premiums. Not only are importers being slammed with paying tariffs on goods that never had them before, they are now required to increase their surety bonds which in return means they have to pay a higher premium. The CBP has increased their demand for importers meeting these new requirements for customs bonds, which means you cannot risk it any longer. Let Surety Place get you the appropriate customs bond so that your business will never be in danger and you will never be at risk of not receiving your cargo.
Check Continuous BondsMany of the tariffs set into place are new and more are projected to pass which means importers need to be aware now more than ever. The increase in tariffs affects importers who have continuous bonds that automatically renew and are often not at the forefront of their worries. If this is you, let us help you! Whether you have received a letter from the CBP acknowledging that you have an insufficient bond or you are trying to get ahead of the game, we can help you get the customs bond your company needs. We can get you a continuous customs bond and keep up with fluctuating rates for you!
Find A Trusted SuretyWith so many changes occurring, it is time to find a trusted Surety who is up-to-date with all customs bond requirements. Whether you are the importer or a customs broker, you know how important it is to find a Surety that will get you the bond you need and often in a short amount of time. With the CBP sending out letters of contingency it is important to reevaluate your customs bond as to not risk not being able to receive your cargo upon arrival. No matter the size of your expected bond, we can help you get it. Utilize our team of experts, ask questions...get answers. We can be your Surety for the life of your business.
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FAQs About Customs Bonds
Q: What is a customs continuous bond?
A: This type of customs bond is required when importing goods into the US and will cover all import shipments for 12 months. Typically, the continuous bond is 10% of duties, taxes, and fees.
Q: How long does it take to get a customs bond?
A: The Surety Place is known for producing bonds faster than most other surety agencies. Call today to ask about your specific customs bond need so we can give you an accurate time frame.
Q: Is a Power Of Attorney needed for a customs bond?
A: Yes. US customs regulations require that when an entry of imported goods is made by the broker requesting the bond, a Power of Attorney is needed.
Q. How much will the customs bond cost?
A: The cost of customs bond will range based on the taxes, fees, and duties of your import, along with your personal credit history and whether or not you choose to apply for a multi-year payment option for your bond.
Q: When is a customs bond required?
A: A customs bond is required when someone is importing any merchandise into the US for commercial purposed that is over $2,500.
A National Surety with a Local Feel
The Surety Place was founded in 2002 and we had one goal in mind, to bring innovation and a high level of service the industry had yet to see. We have been an industry leader from the start; a people first surety bond partner that you can trust, offering access to agents and businesses to achieve the right solution at the right time.
A People First Company
What sets us apart from other sureties is that we establish a relationship with you in order to truly understand your business focus whether large or small, complicated or difficult. Your needs as a business owner will be heard, and solutions will be found and implemented. As one of the only true specialists within the industry, we supply access, partnerships, and specialty programs with numerous “A” rated sureties across the nation. We are here to help you service all your customs bond needs with no appointments or contracts necessary.
Our industry knowledge and expertise coupled with our ever-increasing specialty programs, give us the unique ability to write your bonds when no one else can. When you put your trust into us, we promise to never let you or your business down.
We set our standards high, which means we provide our clients with nothing but the best team. Our dedicated account managers are highly trained underwriters able to provide our agents and clients with a tailored bonding solution for their individual or corporate needs. No matter the size of the bond or how complicated, Surety Place is built to find an answer. Poor credit, financial hardship, fast growth, or just getting your company off the ground? We have options for you too.