What is an import bond?

A Customs import bond is a financial guaranty between the Insurance/Surety company issuing the Customs bond, Importer of Record and Customs & Border Protection (CBP). Most Customs bonds filed are Activity Code 1 – Import Bonds. CBP requires all importers to file an Import Bond in order to clear their entries, even if the goods are duty free. The Import Bond guarantees CBP they will collect all import duties, taxes, fines or penalties, if not from the importer then from the insurance/surety company who issued the bond.

How is my import bond used?

A continuous import bond is good at any U.S. port and can be used by any Customs Broker or Freight Forwarder you choose to clear your entries. An Importer may only have one continuous import bond on file with CBP at a time. When a bond is placed, CBP issues it a unique bond number tying the bond to the company’s Importer Number (aka Tax ID). The broker/FF then files the import documents providing the bond number upon entry. Regardless of where the bond is purchased, it remains a policy of the surety and there is no ownership of this bond by a third party (broker/FF). TRG’s Clients enjoy the freedom of utilizing multiple brokers/FF while purchasing the bond direct.