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U.S. Customs Bonds

 

Customs Bonds

                                        WHAT IS A CUSTOMS BOND??

             

John P. Coston Company can provide you with U.S. Customs Bonds.           

PURPOSE:  U.S. Customs requires that every entry (except low entry valued commodities)  entered into the U.S. be covered by a Surety Bond protecting the government against loss of revenue.

There are several different bonds for this purpose:

SINGLE ENTRY BONDS:  a bond written for each individual shipment entered by an importer.  The face amount must include the value of the merchandise plus any duties and fees payable to the government.  Some commodities that are under quota or require other government agency clearance require a triple value bond.

IMPORTER SECURITY FILING (ISF) BONDS:  a bond written for each individual shipment by ocean freight entered by an importer whom does not have a continuous bond in effect.  The minimum amount of this bond is $10,000 face value.  This premium is in addition to the single entry bond for entry of merchandise.

CONTINUOUS BONDS:  A bond written covering all shipments entered by an importer in one calendar year.  This bond may be used in all ports in the U.S.  The face amount of the bond must cover 10% of duties and fees paid to U.S. Customs in the previous year or estimated for the current year.  The minimum  continuous bond face amount is $50,000.  This bond will cover ISF filings without need for additional ISF bond.

 


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