If you’re in the business of importing and exporting good you may have been told that an importation bond is required for business. There are a number of thing you may want to know about these bonds. Continue reading for more information.
What They Are
An import bond is a type of contract between the importer of goods, the issuing insurance company, and Customs & Border Protection. These bond help ensure that any import related duties or taxes are paid. They also ensure than any applicable laws and regulations are followed. Bonds may vary by type, issuing company, and the relevant importation regulations they must be in compliance with.
When are Bonds Needed
The importation of commercial goods into the states with a value that exceeds $2,500 requires a customs bond. The exact value of the bond may be determined by the type of goods, country of origin, and the issuing company. It’s best to talk over the options with a professional.
Now that you know a little bit about what an importation bond is and what it does, you can begin determining which bond type will be best for your needs. Your insurance professional can help with the process and should be able to answer any questions you may have.