Before eBond went into effect, an entity’s name and/or address on file with CBP for a continuous bond could only be updated by filing a rider along with the 5106 form. Neither the address, nor the name, could be changed without the consent and formal acknowledgement by the principal and surety company, as the rider … Read more
Given the impact that incorrect information on file with CBP can have, it is important that brokers and principals be aware of the options available to them. One such option is the “Freeze Program,” which CBP has had in effect for many years, which could help the principal control the information CBP has on file. … Read more
On March 31, 2017, President Trump executed the Presidential Executive Order: Establishing Enhanced Collection and Enforcement of Antidumping and Countervailing Duties and Violations of Trade and Customs Laws. Based on this Executive Order, U.S. Customs and Border Protection (CBP) immediately began the process to implement this Order. Upon announcement of this Executive Order, CBP … Read more
When U.S. Industries have suspicion that specific commodities from certain countries are being imported and sold below fair market value, they may petition the U.S. Government to impose special duties on imports of these goods. These duties are referred to as antidumping duties (ADD). Similarly, when U.S. Industries have suspicion that there are specific commodities … Read more
There have been a lot of recent changes to the U.S. Customs bond industry, from sureties pulling out of the Customs bond business to Managing General Agents (MGA) moving to other surety markets. Unfortunately, Customs will not allow the surety on a bond to be changed without re-writing the bond. Therefore, these types of changes … Read more
Once a continuous U.S. Customs bond takes effect the bond will remain in effect until it is terminated by the principal or the surety. Our office would handle any termination requests for bonds we write to ensure the bond is terminated appropriately in the Customs database. While many other lines of insurance can be terminated … Read more
There is so much more to Customs bonds than just financial underwriting. The complex system of laws, regulations and taxes that principals who are involved in international trade are expected to know and be familiar with can be daunting. In fact it is often the Customs specific risks that can greatly impact the underwriting terms … Read more
C.A. Shea provides a unique dual role in the world of customs bonds as both a facilitator and as a specialty broker. Our firm’s primary role is to assist brokers with the placement of Customs bonds for accounts whether they are part of a larger surety program or a stand alone submission. In the case … Read more
In the event that your client has an annual Carnet bond, this is a reminder that the United States Council for International Business (USCIB) will be issuing letters in the beginning of October confirming the bond amount required for the principal’s annual Carnet bond for the 2017 term. Once this letter is received, please have … Read more
Customs moved to the eBond process in January 2015 to allow the bond information to be electronically filed with Customs. There have been a number of positive changes based on the eBond process, such as the speed in which a new bond can be filed and the reduction in paperwork that must be completed. Thanks … Read more
