US Customs Drawback Bond

What is a Drawback Bond and how do you calculate the amount needed?

What is an Activity Code 1a - Drawback Payment Refunds Bond?

This bond allows an importer to obtain a refund of 99% of the duties paid on imported goods upon providing proof these goods were exported.

Bond Amount Calculation: Average of all estimated drawback claims in a 12 month period.

As with all Customs bonds, should your bond amount be inadequate according to Customs regulations, Customs will advise the importer and the surety company to increase the bond amount, and they will give a reasonable amount of time to do so.

TRG Underwriting Requirements: Fully complete bond application form, completed Power-of-attorney form, and most recent company financial statements.

Purchase Your Customs Bond Direct with TRG

TRG is the industry’s expert in U.S. Customs bonds. All Customs bonds are financial guarantees between 3 parties: the Insurance/Surety company issuing the bond, the Principal (who is required to file the bond), and Customs & Border Protection (CBP). The TRG customs bond guarantees Customs & Border Protection that if they cannot collect monies due from the Principal they can seek remedy, up to the bond amount, from the Insurance/Surety company. The TRG bond also indemnifies the Insurance/ Surety company, allowing them to use any legal means to collect from the Principal any monies that were paid to CBP on the Principal’s behalf.

To apply for a customs bond or get a quote please contact Sarah Braun, 847-756-7531 or sbraun@traderiskguaranty.com.

Is an Annual Marine Insurance Policy Right For You?

TRG Marine offers Marine Cargo Insurance on an annual policy basis. Whether you already have an annual policy in place, purchase CIF, or insure shipment by shipment, TRG Marine may be able to save you money on this important coverage as well.

Given the economy and the soft Marine Insurance market, now is a great time to take a few minutes to compare rates as well as assess if your current coverage is meeting your needs. We can help. I’ve attached additional information on TRG Marine’s services and would welcome the opportunity to provide you with a no obligation quote. To obtain a quote, please complete the attached application and fax or e-mail to me, or give me a call and we can go through the form over the phone.

If you have an annual policy that renews at a different time of year, or would like to discuss Marine Cargo insurance at a later date, please let me know so I can contact you at an appropriate time.

World Customs Organization 2009 Forum

Vancouver, WA (PRWEB) AUGUST 12, 2009 – The World Customs Organization (WCO) and the Trusted Trade Alliance, LLC (TTA) today announced the details of the third annual World Customs Forum. This globally acclaimed forum brings together world leaders in international trade andcustoms to discuss and debate new and emerging issues confronting global trade today.

The 2009 World Customs Forum will be held on October 5th and 6th at the Bell Harbor ConferenceCenter, Seattle, Washington, USA.

This year’s theme, Trade Facilitation in a Time of Economic Crisis - Preserving the Engine of Global Economic Growth will draw speakers and participants from key sectors of theinternational trade community including supply chain practitioners, senior level governmentofficials, academia and legal advisors. With a clear focus on the need to stem the imposition ofadditional regulatory burdens on international trade in the current economic climate, the forum willaddress a broad range of pressing issues critical to the growth of global trade. Sessions willinclude vigorous discussions of the impact of government demands on commercial imperatives,emerging security mandates, coordination between national governments, cross border challengesand best practices in global import and export processes.

WCO Secretary General Kunio Mikuriya, Department of Homeland Security Secretary JanetNapolitano, Department of Commerce Secretary Gary Locke, and other high level officials fromaround the world are among the invited list of high profile speakers, with confirmed panelistsincluding Susanne Aigner from the EU Commission, Graeme Ludlow from the InternationalMonetary Fund, and a number of senior figures from the public and private sector tradecommunity on five continents. The conference is being conducted in partnership with host tradeassociation the American Association of Exporters and Importers (AAEI), the Canadian nationaltrade association IE Canada, the International Compliance Professionals Association (ICPA), as wellas the major customs & trade associations in Europe and Asia.

The Forum will be co-chaired by Professor David Widdowson, CEO of the Centre for Customs andExcise Studies at the University of Canberra, Australia; Mr. Allen Bruford, Deputy Director,Compliance and Facilitation Directorate at the WCO; and Mr. Michael Laden, Chief Financial Officerfor TTA.

This annual event has been previously held in Europe, at WCO Headquarters in Brussels.However, the WCO and TTA believe it is essential to expand the reach of the Forum by bringing itto other key international trading centers, and this event will allow US based members of the tradecommunity to engage Customs at the world level and have first-hand exposure to WCO views and processes.

The conference is expected to sell out quickly and seating is limited. Registration will be open onAugust 11th, and can be accomplished by visiting the following link: http://www.trustedtrade.net/en/world-customs-forum/.

TRG has been offering a direct buy option on the Customs bond since 1991. WIth 18 years in the business, TRG considers itself to be an innovator in the Customs bond. The company's experience

has allowed them to offer services beyond the bond.

Barrington, IL (PRWEB) August 5, 2009 -- To many importers, the U.S. Customs bond is considered a commodity item. Even so, this government mandated "contract" is purchased on a continuous basis and therefore is a never-ending recurring cost. TRG entered the Customs bond market back in 1991 as a direct provider. Prior to offering this option, an importer purchased the bond from a Customs broker, who had obtained the bond from a Surety agent. By cutting out the middle man, TRG found a niche in the market and has grown over the past 18 years. http://www.trgbond.com/

"If they are consistently receiving a fair and competitively priced Customs bond, then we're happy to let them know they have a great provider," TRG Senior Account Executive Tony Haag said. "Beside cost savings [on the Customs bond], we are continually finding ways to set us apart from the competition. 18 years in the business allows us to offer mult-year pricing, an entry monitoring system, monthly newsletters and in-house claims mitigation."

The growth of the company has not gone unnoticed by TRG's competitors. Other Customs bond providers have made price cuts; however, many will only cut their price for one year and increase it at renewal time. TRG advertises on their website that they have only marginally increased their Customs bond rates twice since 1991 and has never increased rates on the most common Customs bond ($50,000 Importer Bond). http://www.trgbond.com/

With over 6,000 clients, TRG is making an impact in the market. The Robert Bosch Corporation said, "We want to thank you and the TRG staff for your assistance in placing our US Customs Bond. We appreciate the excellent service you have given us and the prompt responses to our inquiries. We continue to be pleased with the decision to have a specialized agency provide our US Customs Bonds and in addition save a substantial amount of money. Robert Bosch looks forward to a continuing relationship with TRG."

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Our latest release...

U.S. Customs Bonds Direct from TRG Reaches 18 Year Milestone TRG has been offering a direct buy option on the Customs bond since 1991. WIth 18 years in the business, TRG considers itself to be an innovator in the Customs bond. The company's experience has allowed them to offer services beyond the bond.

Barrington, IL (PRWEB) August 5, 2009 -- To many importers, the U.S. Customs bond is considered a commodity item. Even so, this government mandated "contract" is purchased on a continuous basis and therefore is a never-ending recurring cost. TRG entered the Customs bond market back in 1991 as a direct provider. Prior to offering this option, an importer purchased the bond from a Customs broker, who had obtained the bond from a Surety agent. By cutting out the middle man, TRG found a niche in the market and has grown over the past 18 years. www.trgbond.com

"If they are consistently receiving a fair and competitively priced Customs bond, then we're happy to let them know they have a great provider," TRG Senior Account Executive Tony Haag said. "Beside cost savings [on the Customs bond], we are continually finding ways to set us apart from the competition. 18 years in the business allows us to offer mult-year pricing, an entry monitoring system, monthly newsletters and in-house claims mitigation."

The growth of the company has not gone unnoticed by TRG's competitors. Other Customs bond providers have made price cuts; however, many will only cut their price for one year and increase it at renewal time. TRG advertises on their website that they have only marginally increased their Customs bond rates twice since 1991 and has never increased rates on the most common Customs bond ($50,000 Importer Bond).

With over 6,000 clients, TRG is making an impact in the market. The Robert Bosch Corporation said, "We want to thank you and the TRG staff for your assistance in placing our US Customs Bond. We appreciate the excellent service you have given us and the prompt responses to our inquiries. We continue to be pleased with the decision to have a specialized agency provide our US Customs Bonds and in addition save a substantial amount of money. Robert Bosch looks forward to a continuing relationship with TRG."

About TRG: TRG offers other import solutions beyond the Customs bond, including marine insurance (shipping insurance) and direct filing. Trade Risk Guaranty (TRG) Brokerage Services LLC is a licensed insurance agency, having agency agreements with Hanover Insurance Company of Worcester, Massachusetts, and Great American Insurance Company of Cincinnati, Ohio, both of which are insurance companies approved by the Department of the U.S. Treasury to issue U.S. Customs bonds.

Importer Security Filing - 6 Months to Compliance

10+2 Importer Security Filing

The Importer Security Filing (ISF), also known as 10+2, is a new US Customs and Border Protection (CBP) regulation requiring importers and vessel carriers to provide advanced data elements electronically to CBP for non-bulk cargo shipments in-bound into the United States by vessel. The focus of this initiative is to improve CBP's ability to recognize high-risk shipments in advance to ensure the safety of America's borders. ISF went into effect January 26th 2009. As a resident or non-resident US importer, or as one of their suppliers, are you prepared to provide the required Importer Security Filing elements 24 hours prior to vessel lading? If you are not doing this today, you may be in non-compliance with the new requirements.

Mitigation Guidelines Published on July 17th

Are you still contemplating how to establish and enforce the advanced data reporting requirements under Importer Security Filing? Like anything, good communication and training is imperative, especially with something like this that carries stiff monetary penalties or that could result in a “Do Not Load” message next January and requires significant change to the current methods in place for centuries.Importer Security Filing PreparationTo reinforce the necessity for the ten (10) Importer Security Filing data (excluding the bill of lading number, called the “phantom eleventh”) elements, we strongly suggests that you consider amending your purchase order or other contractual agreements used in the transaction to require the vendor or supplier’s compliance with ISF requirements.

What Some Importers Are Doing

Some importers are also adding conditions to financial instruments like letters of credit. Placing such language in your contractual documents could prove to be a mitigating factor if CBP issues you a penalty for untimely or inaccurate data after January 2010.We also suggest that you contact and closely coordinate activities with the ocean carriers, NVOCC’s and freight forwarders that participate in your import program. Meetings between your supplier base and the carrier(s) at origin should be implemented for purposes of ironing out new protocols and procedures for issuing the bill of lading number in advance. Most major ocean carriers (Maersk, APL/NOL, Evergreen, Hanjin, NYK, K-Line, OOCL and others) are well informed on Importer Security Filing; therefore, if leveraged properly, their overseas offices can assist you with educating your vendor and supplier base. We recommend that you contact your US-based carrier representative and request their overseas offices engage problematic vendors or otherwise help you communicate this new requirement.Some importers are instituting vendor penalties through their vendor compliance programs to incentivize compliance and to help offset the potential cost of CBP penalties levied against the importer.

Suggested Notifications For Your Suppliers & Vendors

It seems that the two most troubling situations for importers right now are the inability to get the bill of lading number in advance and/or lack of suppliers and vendors. If you are currently direct filing with TRG Direct, you can access these letters within your account under Resources. Suggested reading or attachments to your correspondence might include an Adobe copy of CBP Interim Final Rule (Federal Register Notice), copies of your new company polices or procedures, copies of other publications concerning ISF, and/or letters underscoring the importance and their support for the initiative from Senior Management.

Our Importer Security Filing direct filing customers are free to use our suggested language or some variation thereof for their company or particular situation in an effort to get compliance with their ISF program; of course, the tone can also be adjusted according to personal preferences and corporate culture.