C.A. Shea provides a unique role in the world of customs bonds as a facilitator for brokers in many different ways. Our office’s primary role is to assist brokers with the placement of Customs bonds for accounts that are not part of a larger surety program. The broker can submit a request for a bond … Read more
We at C.A. Shea & Company, Inc. would like to take a brief moment to thank each and every one of you, our brokers, for your patience and cooperation during Superstorm Sandy. Our office was without power, phone and internet for nearly two weeks; however, despite these setbacks, by working from a remote location, C.A. … Read more
There has been a recent spike in the number of new supplemental duty bills issued to importers since the start of the new year. This is due in large part to the retroactive increase of the Merchandise Processing Fee (MPF) enacted by Congress under the Trade Adjustment Assistance Extension Act of 2011. It was signed … Read more
To further expand on the disadvantages of co-principals on a customs bond, unfortunately, when Customs issues a notice of penalty, liquidated damage, supplemental duty bill or other violation notice on a bond with multiple co-principal’s, there may be confusion as to which entity on the bond is liable for the claim. In certain instances as … Read more
Occasionally, companies express an interest in listing more than one entity on a bond. In these situations, Customs does allow separately incorporated entities to be listed on the same bond as co-principals as long as the entities each have the same distinct legal status, such as corporations, partnerships or sole proprietorships. It is important for a … Read more
CBP has announced effective January 9, 2013 it will be amending the guidelines for the acceptance of untimely petitions and mitigation of claims replacing the previous guidelines. After a liquidated damage claim is issued, an importer may file a petition for relief within 60 days to request the claim be lower based on mitigating circumstances … Read more
In our office’s November 3, 2011 newsletter our office included an article on Carnet bonds. As a reminder, the use of a Carnet allows a principal to avoid posting of financial security at the time of entry, eliminates value added taxes (VAT) and simplifies customs procedures. This is done under the premise that the goods … Read more
We are pleased to announce that Shea has been approached and has entered into relationships with Arch Insurance Group, Aspen Specialty Insurance and Philadelphia Insurance Companies to provide Customs bond support for their valued surety accounts and producers. With the continued expansion of sureties into the marketplace, it has become increasingly important for the newer … Read more
Cited below are some the most common violations seen by our office by bond type. The majority of the violations giving rise to the issuance of liquidated damage penalties by CBP are the result of missed deadlines. Bond principals should always look for ways to create fail-safes and streamline compliance. Activity Code 1: Importers, make sure … Read more
What happens when goods come into the United States and the importer wants to store them in a warehouse (without paying the duty)? Or when the goods must be transported to a destination outside the port of entry from a Customs secured area? What about freight forwarders or trucking companies who may arrange to move … Read more
