It has become ever more important for bond principals to keep their Customs bonds up to date. In the last few years, Customs and Border Protection (CBP) has initiated a number of policies that can have a serious effect on your client’s ability to operate. One of the most consequential policies is their “bad address” … Read more
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
In recent years, the transmission of non-public information has been an expanding concern. Due to these concerns, there have been several states which have implemented specific “Cybersecurity” requirements that have greatly impacted how companies conduct business. C.A. Shea & Company, Inc. strives to protect our client’s sensitive information and take these concerns very seriously. One … Read more
In an attempt to better serve our clients, our office will be sending renewal notices and statements via email in the future. This will allow our clients to receive their statements and renewal invoices directly into their email inbox without having to worry about documents getting lost in the mail. It also cuts down on … Read more
Customs recently issued a message on their Cargo Systems Messaging Services concerning Automated Commercial Environment (ACE) accounts. The message read: This is a reminder that CBP bills for supplemental duties, taxes and fees, or vessel repair duties are due thirty (30) days from the date of the bill. Any bill not paid during this timeframe … 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
