Simply put, an import bond is an assurance that you, as an importer, will be able to pay any necessary taxes and duties associated with the goods you intend to bring into the United States. If you’re involved with import into to the United States you doubtless know that things aren’t always that simple. Finding a surety company that’s able to handle your specific needs is crucial to ensuring the profitability of your enterprise. Here are a few areas in which you can save money and increase operational potential through appropriate allocation of insurance.
If your operation is involved with the partial or full reshipment of goods, processed or unprocessed, you can benefit from a more timely forgiveness on customs duties and fees. Accelerated drawback bonds are a popular way of increasing liquidity in a tight budget.
FTZ Operator Bond
The special zones around national borders and airports in the US are known as foreign trade zones. They allow for deferred payment of duties, but you need to be a bonded importer to access this invaluable tool. Minimum bond amounts for these sureties are set by United States Customs at $50,000, and maximum amounts are set by each port director.
Ask for advice and analysis from a logistics insurance specialist. The right surety company can cut pricing for bonds, giving you a measurable edge over competing importers.