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Customs bond application Form: What You Should Know

Customs bond means that you can only rely on the guarantees provided by a bond. The reason it is required is that it provides financial safety for the importer if the CBP does not provide these guarantees. If an importer purchases import insurance from an insurance company outside the U.S. this bond is referred to as insurance bond. The kind of insurance bond the importer needs is actually a CBP issued U.S. Customs Bond. As a general rule of thumb, each CBP U.S. Customs Bond has the same requirement.   What is a CBP issued U.S. Customs Bond? A CBP U.S. Customs Bond offers U.S. Customs protection to the importer against potential harm and damages from U.S. Customs. The bond provides financial protection for importers from potential damage, theft, fire, theft, damage, destruction, or loss of equipment, documents or packages by U.S. Customs. For example, an importer has insurance coverage in the amount of 250,000.00 USD with GEICO. Although the U.S. Customs is required to provide the guarantee for the U.S. Customs bond it does not guarantee the U.S. Customs agents will be able to remove the CBP BUS U.S. Customs Bond. CBP U.S. Customs Bond Overview The U.S. Customs bond provides protection in the amount of 250,000.00 USD per occurrence for the CBP BUS, or U.S. Customs agents. You may be required to pay for insurance for the bond, which can reduce your bond amount by the amount of insurance premiums. The bond also provides certain additional policies for importers such as the following: 1. Enhanced security for physical damage due to theft of property, fire, theft, water, etc. 2. Exclude any damage or loss in connection with customs agents, their equipment, supplies and property under any circumstance such as a physical injury, death, or damage or loss due to fire, theft, water, etc. 3. Require U.S. Customs approval of all customs agents prior to their entry into the U.S. in order to avoid any damage. 4. Restrictions on importers access to the BUS process. For more information refer to the CBP U.S. Customs Bond Requirements. CBP U.S.

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