Customs Brokers are generally busy and don’t have a lot of time to explain why financials are needed just to get a bond. Things get a little tricky when importers with low limit bonds in the range of 50k-60k all-of-a-sudden need a bond for 500k-600k due to newly imposed tariffs. Don’t be worried, this a great opportunity to show off your customer service skills, dressed for Halloween as a problem.
Have you recently lost bond business to cut-rate direct marketing companies? The tide may be shifting back to quality service. With CBP tightening the straps on bond sufficiency, it’s never been more important to have a licensed customs broker overseeing your bond.
With the increasing discussion of tariffs, so has the conversation surrounding bond sufficiency. To be clear, the formulas for determining bond amounts have not changed. What has changed is the game around that formula. Tariffs have become a moving target and the way CBP is approaching bond sufficiency appears to be moving with it.
Back in 2005, the Customs Trade Partnership Against Terrorism (CTPAT) released minimum security requirements for customs brokers. Since then, the industry has far exceeded these minimum requirements and new standards introduced by Customs and Border Protection (CBP) in July are putting cybersecurity back at the forefront of discussion.
Cargo steamed into U.S. ports at a rapid rate this past June as importers stocked up inventory ahead of looming new tariffs between the U.S. and China.
As many of you know, on August 23, 2018, 25% duties will be imposed on Chinese goods identified on List 2 of the Section 301 sanction list. The newly implemented tariffs have caused many in the import industry to act fast and think later. Importers are settling with the fact that the new tariffs are here to stay. The question for importers now is, how do they adapt to incur as little financial burden as possible? Many importers are turning to their customs brokers to offer creative solutions on the best way to move forward.
We live in uncertain times. Now more than ever, trade has moved to the forefront of the 24-hour news cycle with new policies and a looming trade war - it’s hard to keep up. As if it wasn’t enough work staying on top of new tariffs being threatened daily by the current administration, customs brokers must also be aware of new quotas being enforced and the liability exposure involved. Regardless of what side of the isle you are on, customs brokers are all in the business of catering to their clients. Brokers need to protect client interests as much as they need to protect their own
We will be performing scheduled network maintenance on Thursday, 10/18/17, between 10:00 PM and 10:30 PM. The website may be unavailable during some or all of this period.
In observance of Memorial day, our offices will be closed on Monday, May 29th and resume normal business hours on Tuesday, May 30th.
Due to inclement weather expected in New York & New Jersey on Tuesday, March 14th - IB&M will operate with limited staff throughout the day. Bond inquiries should be sent to bond@Intlbondmarine.com and insurance inquiries to email@example.com Our San Francisco office will be available to answer and phone inquiries throughout the day at 650-692-3578.
International Bond & Marine will be closed
Monday, February 20th in observance of Presidents Day. Inquiries should be sent to firstname.lastname@example.org or email@example.com
The way the system works is as follows: The Department of Commerce sets an initial AD/CVD rate at the time of entry. The DOC then determines a final duty rate based on the ITCs investigation results about two to three years later. CBP is then responsible for collecting the increased duty amounts owed many years. This collection effort comes many years after an importer has sold the merchandise, taken profits, and is potentially in much different financial shape then at the time of entry. Billing a client for something that happened two or three years ago is never a pleasant conversation. With 2.3 billion in uncollected AD/CV duties between the entry years 2001-2014, the Government Accountability Office (GAO) was recently asked to review CBPs efforts to improve the collection of these duties.
As Hanjin court proceedings continue to unfold, many questions have been raised regarding differing Hanjin scenarios that have caused cargo delays, additional freight charges, and damage to the cargo itself.
Please be advised our website will be down for scheduled maintenance this Thursday, June 16, from 8 PM until approximately 11 PM Eastern Standard Time. Please refrain from logging into the system during that time and plan accordingly for any bond submissions.
As part of our ongoing effort to improve the IB&M web tool experience for our clients, we have compiled the following helpful hints when processing eBonds. The FAQ represents our customer feedback nationwide
Updated Timeline for Mandatory Transition to ACE for Electronic Entry and Summary Filing
Working in close coordination with the Department of Homeland Security, the Border Interagency Executive Council, and the White House, U.S. Customs and Border Protection has been actively tracking ...
Customs Brokers for the first time will have the ability to file single transaction eBonds (e-STBs) electronically via ACE for RLF entries that are certified for ACE Cargo Release
Important CSMS message from CBP regarding eBond.
CBP ACE Monthly Trade Update
IB&M Important Bulletin - Winter Storm
EMERGENCY ACE OUTAGE TONIGHT, JANUARY 7, 2015
CBP bond changes in January - What you need to know.
eBond Myth: This is going to be hard, eBond Fact: The hard part is already done. We have been working with Customs for months on the programming and requirements for eBond. Beginning with CBP’s anticipated eBond roll-out on January 3, 2015, IB&M will be ready to submit eBonds for processing via our BEARS premium portal.
We received the following message from CBP today. We strongly recommend advising your continuous bond customers that delays should be expected during this period.
Through our participation with the International Trade Surety Association (ITSA), IB&M has been made aware of the below message released by CBP regarding the Revenue Division operations during a government scale back of operations. It would be prudent to advise your continuous bond clients to expect some delays in the processing of new continuous bonds, riders, and terminations as a result of limited staff. We will keep you posted of any further updates as they become available.
On October 1st, the Federal Motor Carrier Safety Administration (FMCSA) requires that bonds for domestic property brokers and freight forwarders be increased from $10,000 to $75,000.
In an effort to maintain Homeland Security, importers and carriers are required to submit 10+ 2 Data Elements to CBP 24 hours prior to lading for all ocean shipments. Since 2009 CBP has requested 100% importer/carrier participation. Through a series of public statements, CBP reported compliance rates had reached the mid 90 percentile through the end of 2012, only to backslide into the lower 80 percentile in early 2013. This decline is the basis for CBPs decision to begin enforcing compliance through the use of liquidated damage penalties for all violations on or after July 9, 2013.
Through our participation with the NY/NJ Freight Forwarders Association and the NCBFAA, IB&M has ascertained the following update regarding ISF Enforcement which is scheduled to begin July 9th 2013.
Tropical Storm Andrea was a reminder that hurricane season is in full swing. Experts at the National Oceanographic and Atmospheric Administration (NOAA) said there is a 70 percent likelihood of 13 to 20 named storms over the next 6 months, including 3 to 6 major hurricanes.
CBP has released the following announcement today regarding the next phase of Importer Security Filing (ISF) enforcement
The new guidelines took effect on January 9th 2013
Please view this updated message from cbp regarding the port of ny and nj
Please take note of this important message from CBP regarding vessel diversions in NY/NJ.
As you are well aware, CBP continues to target AD/CVD circumvention attempts throughout U.S. ports.
The attached bill was signed into law on July 6 2012 and contains changes to how the Federal Motor Carrier Safety Administration (FMCSA) regulates domestic property brokers.
IB&M is proud to announce a new enhancement to our online SEB issuance screen.
CBP memorandum requires addition security in the form of a single transaction bond, in conclusion to an existing continuous bond, or cash payment to Customs, for entries suspected of Anti-dumping and Countervailing Duty.
IB&M Frequently Asked Questions
IB&M is pleased to announce the Web release of the new CBP 301 bond form beginning Tuesday, December 6th.
IB&M is pleased to announce the release of our new Carnet Online!
New 301 Form required By CBP effective 01/01/12
IB&M is pleased to announce the release of our All New Web Feature. The Online MSBAR! The Management Surety Bond Analysis Report - generally referred to by its acronym – MSBAR was pioneered by IB&amp;M almost 20 years ago allowing Brokers ACCESS for the first time TO crucial customs entry data involving their importers.
Intl Bond is pleased to announce that our ISF online Software has been updated to print your account signatures.
Delayed Continuous bond filings
IB&M is pleased to announce completion of Phase 2 for Online ISF Bond Issuance.......
ISF Errors thru ABI and AMS
On Dec. 24, 2009, CBP released a Federal Register notice pertaining to the issuance of ISF single Transaction Bonds. This announcement confirms CBP will be accepting ISF Appendix D Bonds on a single transaction basis.
General Instructions for Filing US Customs bonds As of June 20, 2005, all import (activity code 1) bonds are to be filed with the Revenue Division (RD) in Indianapolis, IN. The RD will accept bond submissions via ...
Last Updated: September 30, 2009,
10+2/ISF FAQ document has been released
Since July, 2005, the Revenue Division, Office of Finance has worked diligently to obtain corrected, valid addresses whenever the U.S. Postal Service returns mail to CBP as ‘undeliverable’. Currently, the Revenue Division policy in this area is as follows: Upon receipt of mail returned as ‘undeliverable’ by the U.S. Postal Service, the Revenue Division renders the continuous bond insufficient immediately. The Trade Community may have the continuous bond returned to sufficient status by complying with the instructions posted at: http://www.cbp.gov/xp/cgov/trade/priority_trade/revenue/bonds/pilot_program/insufficient_bonds.xml
AN UPDATE ON 10+2/Security Filings from IB&amp;amp;M
Confirm Surety Code is 856 in ABI System for Single Entry Bond Transactions
Antidumping bonds are extremely risky. The unknown and unpredictable magnitude of this risk would normally make this type of risk a non-insurable or non-bondable event.
Problem: When the termination of an existing continuous bond is not synchronized with the approval of the replacement bond, ‘gaps’ in continuous bond coverage can result for parties listed on the bond. Bond filers find it difficult to avoid these ‘gaps’, especially when the replacement bond submission is rejected, but the termination request has been processed.
Customs system is currently being updated because of ACE, they are having many issues updating and keeping information in the system