Custom Bonds

Customs Bonds:  

Each company or group that imports products into the US for commercial basis or that transports or carries imported goods through the US will need a customs bond.

The groups who need a customs bond can be anyone from importers or transporters of goods, bonded warehouse proprietors, foreign trade zone operators, brokers or groups that engage in business with the  US Customs & Border Protection (USC&BP).

A customs bond most important purpose is to allow the importer to cause quick possession of its imported goods without waiting for the USC&BP regulation and or formalities.  

C1 – Import Bond:

The purpose of a C1 Import Bond is to ensure that all import duties, taxes, fines or penalties are collected during the course of importing.  

The C1 bond is required even if the item is tax and duty free.  The bond guarantees that the US Customs & Border Protection will be paid if the item is not performed as required.  

C2 – Custodian of Bonded Merchandise Bond:

This bond covers warehouses, container stations and cartman & carriers.    

When  any merchandise has not been entered into

the US commerce and the duties are payable the Custodians are responsible for the activities with the merchandise.  When this happens the merchandise is referred to as being “in-bond.”

C14-IBEC- In-Bond Export Consolidation (IBEC) Bond:

For the merger, cartage, transportation and exportation of any “in-bond” merchandise in the custody of the USC&BP.

 

C3 – International Carrier Customs bond:

You can obtain a single entry C3 bond or a continuous C3 bond.

This bond is required by operators to ensure that the manifest of all cargo and passengers carried  is factual.  Also, the bond ensures payment of overtime to USC&BP officials as well as the clearance of vessels/vehicles/or aircraft from outside the US.  The current Miami River requirement is $150,000. 

Contact Darlow Marine Insurance

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