The following are questions that we received from a company interested in purchasing a $50,000US Import Bond with TRG. These are commonly asked questions we receive from companies that would like to learn more about TRG and the products we have to offer. Please feel free to add your own questions, we would love to hear from you.
Q: Do I understand correctly that if we decide to go with TRG Bond that we would pay only $750.00US for a 3 Year Import Bond and this would cover us for the next 3 years?
A: You are correct, if you do choose to go with TRG for the placement of your US Customs import bond the pricing will be $750 for 3 years which averages out to be $250 a year. There are no hidden fees. $750 would be all you would need to pay in order to renew your import bond for the next 3 years (2011-2013) with TRG.
Q: After the 3 year period, we would pay $395.00US per year to have our bond renewed yearly, correct? Or we could pay $895.00US for another 3 year period for our bond which would cover the years of 2014,2015, & 2016. Am I correct here, as well? I am being told by other companies to make sure that you really do mean that the price is a total of $750 for 3 years, which equals $250US per year, because they have heard from other clients that with Trade Risk Guaranty you pay $250 the first year, then $350 the second year, and then $750 for every year thereafter. I do not get this at all from what you have written to me and I hope this isn't true because it doesn't seem equitable and true at all by what is written.
A: If you were to choose to renew your bond with us for an additional 3 years the price would be $895, which equals $298.33 per year, and that would cover you for the next 3 years (2014-2016). The only difference between our promotional pricing for new customers and our standard pricing is the underwriting fee. We waive the underwriting fee for our new customers.
I am unsure as to where the companies you have spoken with have come to the conclusion that you pay $250 for the 1st year than $350 for the following year and so on. Let me assure you that our pricing does not work that way. If you choose to go with a 3 year bond you will ONLY pay the $750 and you will be covered for 3 years. Same goes for the 1 and 2 year bond. If you choose to go with only a one year bond the price would be $300, and if you chose to go with a 2 year bond the price would be $525 (or $262.50 per year).
Q: My company has a Co-Principal, is there an additional cost for that, if so, how much?
A: We do charge a one time fee for adding a Co-Principal to a bond. For example, if you were to choose the 3 year bond we would add $50 to the $750 which would equal $800; or if you were to choose to go with the 2 year bond we would add $50 to the $525 and the total for the 2 year bond with a co-principal would be $575.
Q: If everything worked out and we were able to get our bond through TRG, I need to be able to assure that this is going to work out well for us. What we don't want to happen is for TRG to say something along the lines of "Oh, that is something your broker takes care of." and then we proceed to speak with our broker and they say "Well, because you have your bond with another company we don't deal with that situation." This would have to work very smoothly. We would need to be able to get whatever they might need at anytime and right away. Do you think your company would be able to care for us taking all the above into consideration? Are you willing to address the above concerns?
A: The process of purchasing your bond directly through the surety is the same process your FF goes through to secure a bond for you. They contact a company just like us, purchase the bond for you and sell it back to you. Your FF does nothing different in securing the bond for you other than being the 3rd party involved. When you purchase the bond directly you can use any broker/FF to clear your entries for you. The process of entry clearance will remain the same and handled through your current FF. TRG is not a Customs broker, we simply become your direct contact to the surety. Once you have the new bond information from us, you simply supply that information to your broker/FF. We do ask, that if you should choose TRG, to not notify your broker until we have processed the bond. This will make sure that your FF does not place a termination notice prior to us placing the new bond, causing a lapse in coverage. We take care of terminating your current bond and at the same time we replace it with the new bond.
You can contact our bond department at anytime with any questions regarding your bond. We’re here to help. With TRG, you also have free access to our system called Eagle Eye. With Eagle Eye you can look up your bond information, query all entry information for those that were entered on your bond as well as supplemental duty bills and liquidated damages reports. We pride ourselves on our customer service and ability to provide you with the information you need.
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