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Importer Security Filing
     (10+2 ISF)




    Customs Bond
    Requirements
ISF 10+2 Summary

Importer Security Filing, which you
probably know as 10+2, is a Customs and
Border Protection (CBP) regu...
What is a Customs bond?

A financial guarantee between
3 parties:
     Insurance/Surety Company,
     Principal,
     C...
ISF Effects Importers Using
                 Single Entry Bonds


Importers with a Continuous Importer Bond on file will n...
ISF Bonding Options
            Which is Right For You?


Single Transactions Bonds:
   Stand-alone
   ‘Unified’
Continu...
The Basics of Import Bonds

Single Entry Bonds                     Continuous Bonds

   Good at one port,                ...
Will Timing Be a Factor?

Single Entry Bonds                       Continuous Bonds

 A single entry for the entry can    ...
Pricing Differences

Single Entry
Bond Amount: Set forth by the port director accepting the
  bond no less than the Invoic...
Pricing Differences

Continuous
Bond Amount: 10% of the annual duties paid. The lowest continuous
  bond amount accepted b...
OBTAINING A CUSTOMS BOND



                                     Fdf


Importer                     Broker                ...
Applying for a Continuous
      $50,000 Import Bond

1 page application and Power of Attorney

3 Ways to Apply

   Fill o...
Current Financials Will
           Be Required If…
   Your goods are subject to anti-dumping or countervailing
    duties...
Contact TRG


Kristen Brandt
TRG Bond Manager

Phone:   847-756-7547
Fax:     847-756-7545
Email:   kristen@traderiskguara...
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Single Entry Bonds vs. Continuous Customs Bonds

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This presentation takes a look at the new Importer Security Filing requirement for ocean imports into the U.S. If you import more than once per year it will now be more economical for you to purchase a continuous Customs bond rather than single entry bonds.

You can apply for your continuous Customs bond with TRG. Visit our website for our pricing or give us a call. 800-685-6082

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Transcript of "Single Entry Bonds vs. Continuous Customs Bonds"

  1. 1. Importer Security Filing (10+2 ISF) Customs Bond Requirements
  2. 2. ISF 10+2 Summary Importer Security Filing, which you probably know as 10+2, is a Customs and Border Protection (CBP) regulation requiring importers and vessel carriers to provide advance data elements to CBP for non-bulk cargo shipments arriving into the United States by vessel. The focus of this initiative is to improve CBP’s ability to recognize high-risk shipments in advance to ensure the safety of America’s borders. ISF Bonding Requirements
  3. 3. What is a Customs bond? A financial guarantee between 3 parties:  Insurance/Surety Company,  Principal,  Customs & Border Protection (CBP). The bond guarantees CBP that if they cannot collect monies due from the Principal they can seek remedy, up to the bond amount, from the Insurance/Surety company. ISF Bonding Requirements
  4. 4. ISF Effects Importers Using Single Entry Bonds Importers with a Continuous Importer Bond on file will not have any changes made to their bond. Importers using single entry bonds, now have 2 options: Option 1: Option 2: Purchase a Single Entry Bond & Purchase a Continuous Bond Purchase a Single Entry ISF Bond ISF Bonding Requirements
  5. 5. ISF Bonding Options Which is Right For You? Single Transactions Bonds:  Stand-alone  ‘Unified’ Continuous Bonds:  Existing continuous bonds  ISF bond ISF Bonding Requirements
  6. 6. The Basics of Import Bonds Single Entry Bonds Continuous Bonds  Good at one port,  Good at any port,  Covers only one import  Covers all import transactions transaction, over one year,  Most economical for importers  Almost always more via rail/air/truck. economical than single  Only economical for entry bonds. companies filing less than 3 entries per year. ISF Bonding Requirements
  7. 7. Will Timing Be a Factor? Single Entry Bonds Continuous Bonds A single entry for the entry can Once a bond has been be placed quickly once goods approved by the underwriter, it arrive. takes U.S. Customs at least 10 business days to issue a bond number for a continuous However, ISF single entry bond. bonds will need to be placed 24 hours before goods live the foreign port. ISF Bonding Requirements
  8. 8. Pricing Differences Single Entry Bond Amount: Set forth by the port director accepting the bond no less than the Invoice Value of Goods + Duties/Taxes/Fees. Goods subject to OGA may be set at 3 times this amount. For $5,000 in duty and subject to FDA the bond amount would equal $15,000. Bond Cost: Depends on the Insurance company. Pricing can be a $1-$2 rate per thousand + fees. Pricing depends on the bond amount for a $15,000 bond the cost could be $45- $75 + fees. ISF Bonding Requirements
  9. 9. Pricing Differences Continuous Bond Amount: 10% of the annual duties paid. The lowest continuous bond amount accepted by CBP is $50,000. Importers paying less than $500,000 per year in duty need a $50,000 bond. Bond Cost: Pricing depends on the insurance company and additional charges if purchased through a Customs broker. TRG offers promotional pricing to all of today’s attendees: 1 year: $300 2 year: $525 3 year: $750 ($250/year) Renewals are billed at our standard pricing currently: 1 Year: $395, 2 Year: $650, 3 Year: $895 ISF Bonding Requirements
  10. 10. OBTAINING A CUSTOMS BOND Fdf Importer Broker Surety You can purchase a customs bond through a broker or directly through the surety, usually at a substantially lower cost. Importer Surety ISF Bonding Requirements
  11. 11. Applying for a Continuous $50,000 Import Bond 1 page application and Power of Attorney 3 Ways to Apply  Fill out the application online www.trgbond.com,  Fill out a PDF version of the application and email it in,  Call your account representative and fill it out over the phone. ISF Bonding Requirements
  12. 12. Current Financials Will Be Required If…  Your goods are subject to anti-dumping or countervailing duties,  Your goods are subject to FDA,  Your company has previously filed for bankruptcy,  Your company has ever had importing privileges revoked,  A Surety has ever paid claims on your company’s behalf,  Your company’s net worth is less than $25,000,  Your company is less than a year old. ISF Bonding Requirements
  13. 13. Contact TRG Kristen Brandt TRG Bond Manager Phone: 847-756-7547 Fax: 847-756-7545 Email: kristen@traderiskguaranty.com ISF Bonding Requirements
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