Recently, a $1 Billion class action lawsuit was filed by a prominent law firm on behalf of U.S. Companies against several sureties who write or who have written single entry Customs bonds for merchandise imported from companies identified as “new shippers” from China. The suit alleges that these sureties have not paid claims and substantial monies owed Customs for anti-dumping duties secured by these bonds causing severe financial harm to many affected domestic companies. Given the economic downturn, this and other events affecting insurers may prompt importers and other companies requiring bonding to question; “Who is writing my U.S. Customs bond?” Read why C.A. Shea & Company and our current surety markets, none of whom are named in the suit, are the best choice today for placement of U.S. Customs bonds.
