Canadian Based Companies
Q. What is a U.S. Customs import bond?
A.
Canadian-based companies that ship goods over the
U.S./Canadian border, and maintain control of the goods either themselves or
through their agents, are considered to be “importing” goods into the United
States. As the consignee/owner/recipient of the goods on the United States side
of the border, the Canadian-based company is responsible to file an import bond
with U.S. Customs and Border Protection.
Q. If I am a Canadian Based Company, then why do I
need a U.S. Customs Bond?
Trade Risk Guaranty is proud to serve many Canadian
Based Companies. We know that your shipments are very important to you and we
have created this page with lots of helpful tips for importing!
A.
All U.S. Customs bonds are financial guarantees
between 3 parties: the Insurance/Surety company issuing the bond, the Principal
(who is required to file the bond), and Customs & Border Protection (CBP).
The bond guarantees Customs & Border Protection that if they can not
collect monies due from the Principal they can seek remedy, up to the bond
amount, from the Insurance/Surety company. The bond also indemnifies the
Insurance/ Surety company, allowing them to use any legal means to collect from
the Principal any monies that were paid to CBP on the Principal’s behalf.
Q. Do I still need a Customs broker if I purchase
the bond from TRG?
A. TRG does not replace your broker, we just
provide the bond directly, which in most cases, will save you money.
Q. I’ve sent goods to the U.S. before; do I already
have a bond?
A.
You might not know if you have a bond on file, as
it is usually just a line item on your statement from your broker. If you
provide TRG with your U.S. Customs Assigned Importer Number we can run a “bond
query” through the U.S. Customs database in order to determine if you have a
bond and when your bond renews annually.
Q. I’ve never sent goods to the U.S. before; what
is the procedure to get this bond?
Canadian-based companies that are bringing goods
over the border for the first time must first apply for a U.S. Customs assigned
“Importer Number” by filing a 5106 form. TRG will do this for you at no
additional charge if you purchase the import bond from us as well. Next, upon
underwriting approval of a completed import bond application, TRG will file the
continuous bond for you expediently and accurately, allowing you to be
functional at the very earliest time possible.
A.