If you bring goods into the United States from abroad, you need an import Bond. Insurance brokers who work with trade and transportation liabilities and provide associated services are the ones to turn to for these types of bonds.
The department of US Customs and Border Protection (CBP) uses these bonds to protect their organization and United States citizens from any loss that they could incur when importers fail to pay taxes or fees associated. This puts the burden of any duty infraction on an underwriter rather than on taxpayers.
Different types of operations need different types of bonds. If you hold goods in a foreign trade zone, you need a bond with a minimum amount of $50,000. Maximum amounts are always set by each port. Import bond insurance providers can also help with this type of surety.
If your company is involved with importing and then re-exporting goods, you need to make drawback claims. This allows you to recoup the appropriate amount of duties paid to the CBP. You also need a drawback bond to ensure that any amount overpaid to you will be fully repaid. This helps you by letting you take advantage of accelerated drawback, increasing the liquidity of your budget allocated for import fees.
Import and export businesses of all kinds can benefit from reasonable prices on these bonds. Check with a logistics risk mitigation specialist to explore your options for import bond insurance.