Importer Security Filing and U.S. Customs Bonds

Importer Security Filing is fast approaching. By now you should be familiar with 10+2 filing requirements and have a plan in place to comply with U.S. Customs this coming January. Beyond the filing requirements what does this mean for U.S. Customs bonds?After the one year informed compliance period of importer security filing ends, Customs and Border Protection will begin enforcing compliance in the form of liquidated damages. These damages will be $5,000 for each ISF violation. Importer Security Filings will be secured with a continuous bond. The following bonds have been amended to cover these requirements. For the first year of implementation fines and penalties will not be assessed to the bond. An increase in the Customs bond is not required at this time. After CBP´s structured review of importer security filing bonding requirements may be amended.Import bondsCustodial bonds International Carrier bondsFTZ Operator bonds CBP has also issued a new bond referred to as the Importer Security Filing bond. This continuous bond will cover all ISF entries. You can purchase any of the above U.S. Customs bonds directly from a Surety agent. Many companies purchase their bonds through a Customs broker. This is not the most cost effective way. A U.S. Customs bond is a universal product. Single entry bonds are only good for one transaction with U.S. Customs and are good at one port. Continuous bonds are good at any port. As an importer you own your bond and may purchase it any way you choose.TRG has created a presentation outlining 10+2 Importer Security Filing. This presentation takes a more in depth look at the ruling.