Customs and OTI Bonds | CBI Insurance & Transactions Bonds NY

Whether you’re going to import plastic bottles to resell them at bulk prices or wishing to import special appliances, you’re always encouraged to hire a customs broker for importation. It becomes vital especially when you’re just starting out and don’t know much about freight clearance. CBI Customs & Insurance INC. has been in business for over 38 years and providing trade-related solutions to brokers and freight forwarders. While our main focus is always to preserve the importance of customs brokers, we strive to provide customs bond and other services at the best prices in the US. I’m sharing this piece of information because I think it’s too important to miss. There are several advantages for importers who work with experienced brokers instead of filing their customs surety bond alone. CBI’s priority is always to impart valuable knowledge to customers so that they don’t have to struggle while importing merchandise from abroad and stay up-to-date with information. ...

The United States is known as the world’s largest importer. Many companies and traders are involved in making the higher fortune by importing foreign merchandise and then passing out it to a local audience at higher prices. The case might not be as similar to you and you might be importing for any different purpose. Since the U.S. Customs and Border Protection has been founded by the government, it has become necessary for all shippers to comply with its latest laws and regulations. Customs bond is an important part of any import designated towards the US territory. There can be other types of bonds such as OTI Bonds SC needed for the financial security and guarantee to the agency such as the Federal Maritime Commission (FMC). It is surety bond that all freight forwarders and non-vessel-operating common carriers (NVOCCs) are required by the FMC to obtain in order to operate as a licensed FF or NVOCC in the US. Customs Bond   A customs bond is required by the CBP for...

Importing goods and products into the United States can be a really difficult experience for new importers. For new traders, it is not easy to understand and clear the process at first attempt. Even it’s not easy for experienced importers because there is always an extensive procedure associated when it comes to taking foreign merchandise inside this country. You might have heard of many stories of goods being charged heavy duties, held for months at entry port, and even seized. However, these scenarios can be avoided by knowing and following everything instructed and required. 301 Customs bond is an important document along with the tax identification number (importer number). Insufficient documents and errors in paperwork may lead your merchandize to serious penalties and long delay. Customs Bonds Importing merchandise requires importers to obtain a customs surety bond . All the commercial imports that are valued over $2,500 are required by the U.S. Customs and Border P...

As per the 2011 report of U.S. Customs and Border Protection (CBP), a continuous import bond can be rendered insufficient for the following reasons: ·          Unpaid debt issues like unpaid bills related to any of the entities on the bond may lead to insufficiency of your customs bond . Make sure you don’t delay the payment of duties and taxes for the shipment. ·          It is required by the CBP for imports valued over $2,500 to obtain a  customs surety bond and ensure the federal agency that it would be able to collect duties, taxes, and fees levied on the cargo. The bond amount should be calculated correctly. A continuous import bond is 10% of duties, taxes, and fees paid for the 12 month period. Importers need to act immediately after whenever they get a formal letter from the CBP regarding the failure of their bond. ·          You can’t cl...

If you have never made a large overseas shipment before, you might easily underestimate its process. But this experience can be overwhelming especially if it’s your first time. The amount of paperwork and documentation involved in the customs clearance procedure is enough to stress you. For many experienced importers and exporters, it can be a familiar and smooth experience as they have done it several times before. But for first-timers, an attempt to filing out customs documents on their own and submitting them to respective department and customs agents can be risky, stressful, and time-consuming. A customs surety bond is one of the important documents in this process. It is required by the U.S. Customs and Border Protection (CBP) to import goods into the US. If you don’t have a customs bond while importing in the US, it is against the rules and regulation and you may have to reimburse heavy penalty for that. Your shipment might get delayed at customs for several days or...

This is a general question asked by importers that why do they need customs surety bond while importing into the US. But, the answer is not general. There are various explanations available about the customs bond and it is legitimate because there is no single type of bond. When you tend to receive international goods in the US, you need to follow some obligations. A 301 customs bond is a necessary document when you’re importing commercial merchandise through ocean vessel. There are several other conditions when you need a particular bond to clear goods at the destined port of entry. Here are the four reasons why you need customs bonds to import in the US. 1.        For commercial imports valued over $2,500 and for commodities (firearms, food, animals, etc.) that are subjected to other federal agencies such as FDA and ATF, you must post a customs surety bond to clear the shipment. 2.        The Customs and Bor...