• If the principal fails to do anything agreed upon in the bond, the bond requires the surety to pay penalties for said breach.

    The Purpose of Customs Bonds

    The United States Customs and Border Protection (CBP) requires all importers to have import bond insurance. This type of bond is an agreement between the principal (the importer or carrier), the surety (the insurance company that writes the bond), and the beneficiary (the CBP), and it is primarily designed to…