CUSTOMS SURETY BOND RENEWAL – TERMINATION OF BOND REQUIRES REPLACEMENT
When merchandise is entered into the United States, importers are required to post security with U.S. Customs and Border Protection (CBP), normally in the form of a Customs Surety Bond. The security guarantees that the importer will comply with all CBP regulations and pay applicable duties and taxes. All federal bonds must be written through a surety approved by the U.S. Treasury Department.
We have recently become aware that Hartford Fire Insurance Company (Surety Code 365) and International Fidelity Insurance Company (Surety Code 421) appear to be exiting the U.S. Customs surety market. Companies with Customs Bonds underwritten by these two companies will need to replace their bonds.
Bond terminations can impact a company’s licensing, federal authority and in the case of customs brokers, the importing privileges of their clients. Omnitrans can provide the required bonds and ensure that your operations continue running smoothly.