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.
Kill Two Birds With One Bond
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 bonds
◦ Custodial bonds
◦ International Carrier bonds
◦ FTZ Operator bonds
CBP has also issued a new bond referred to as the Importer Security Filing bond. This continuous bond will also cover ISF entries.
Do You Still Import Using Single Entry Bonds?
Those importers who continue to import using single entry bonds will need to purchase the new continuous ISF Bond. TRG offers the most economical solution for Importer Security Filing to those companies importing under single entry bonds. Purchase one continuous bond to cover BOTH the ISF filings and the consumption entries.
TRG has created a presentation outlining 10+2 Importer Security Filing. Download your complimentary copy and stay informed.
TRG provides wholesale pricing on U.S. Customs bonds. By obtaining your import bond from TRG, you will benefit from a staff of experienced and knowledgeable administrators, underwriters, and customer service specialists to keep your bond accurate and in good standing with U.S Customs.
How do I Apply for a continuous U.S. Customs bond?
Contact Sarah Braun, at (847) 756-7531 or apply online at http://www.traderiskguaranty.com/
