Bozeman, MT (PRWEB) December 14, 2009
Various types of Customs bonds are required by U.S. Customs depending on a company’s business practices. All Customs bonds are financial guarantees between three parties: the Insurance/Surety company issuing the bond, the Principal (who is required to file the bond), and Customs & Border Protection (CBP). The 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. http://www.trgbond.com
The Customs 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. The Airport Security Bond (ASB) is needed for out sourced service companies to enter secured areas of airports (like cleaning services not employed by the airlines to clean planes or maintenance individuals not employed by the airlines to fix something). TRG has the expertise to write all types of Customs bonds. Over the past few months, TRG has noticed a significant increase in Airport Security Bond applicants.
“We have been writing Airport Security Bonds since we first opened in 1991. U.S. Customs has recently become more strict in mandating this regulation and this is why we are now seeing an increased number of applications,” Kristen Brandt, TRG Customs Bond Manager, said. https://traderiskguaranty.com/airport_security_bonds.aspx
The cost of an ASB depends on the surety through which the bond is written and the size of the Customs bond. The bond size is determined by the airport in which the company operates in. TRG states on their website that in order to apply for this bond the company must provide a fully completed Customs bond application, a signed Power of Attorney, and a copy of the company’s most recent financial statements.
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.
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