December 12, 2014 | Customs Bonds

CBP to Discontinue ISF SubTypes 5 & 6

Share This:
Featured Image

Per the December 11 CSMS message, effective January 10, 2015 CBP will no longer accept ISF Submission Types 5 (Late ISF-10 – No Bond) and 6 (Late ISF-5 – No Bond). It is no secret that CBP had always intended these provisions for acceptance of late ISFs without bonds to be temporary and available to importers on a one-time-only basis. Some may be inclined to wonder if this announcement could also signal CBP intentions to step up ISF Liquidated Damage enforcement in general. In this regard, also note previous statements by CBP that the current “three strikes limited LD enforcement phase” will expire on May 13, 2015. To date, CBP has exercised great restraint in use of ISF LD enforcement tools. Might it be that before long, those days may be coming to an end?

Roanoke underwriting policy and collateral requirements on STBs to secure late ISFs are not altered by the December 11 CSMS message. We continue to strongly encourage importers of goods by ocean to file an Activity Code 1 continuous bond prior to becoming subject to ISF filing requirements. This is an effective way to save money on bond costs, limit liquidated damage exposure in general, and avoid collateral requirements/underwriting delays in the event of a late ISF filing in particular.

Please contact your Roanoke Trade Bond Service Representative if you have any questions about ISF bond underwriting or any other bond matters.

Share This:

Related


Take eBond to the Next Level – Issue Bonds in Your ABI

  eBond is the fastest customs bond filing system ever, and it’s about to be even faster and easier. The Road to eBond Customs bonds used to be issued on typewriters. Across the country entry writers for customs brokers would hammer out importer information onto green, pink, and yellow sheets of carbon paper, and these paper pages were delivered by messenger or mail to the CBP office at the local port. There the bonds waited for their Customs Control Number stamp and delivery back to the broker or agent. Then in the 2000’s, the bond filing process went digital. Processing […]

Customs Bonds, Industry Insights, Surety Bonds

4 Ways to Evaluate a Customs Bond Provider: An Important Guide for Customs Brokers

An import bond is more than a simple commodity. Choosing the right customs surety bond provider can add stability and certainty to your business as well as the flow of your import clients’ goods. Properly vetting your customs bond provider and the surety company they represent will help you deliver on your client’s service expectations. Here are some  essential characteristics to consider  when making this critical decision. 1. Longevity, Experience, and Service A good starting point in the vetting process is to look for a partner that demonstrates staying power in the industry and aligns with your company’s standards and […]

Customs Bonds

Important CARM Update for Customs Brokers and Importers

On March 27th, the CBSA held a Trade Chain Partner Working Group meeting and announced the following changes related to CARM’s Release 2 (“R2”), coming May 13, 2024: The minimum bond amount requirement will change from $25,000 to $5,000 for all importers with the implementation of R2. The maximum bond amount will remain capped at $10,000,000 per RM account. As a reminder, the bond amount will be calculated at 50% of the highest month of duties and taxes (including GST and all debts/accounts receivables) over the previous 12-month period. CBSA cannot keep up with the paper bond filings (we have […]

Canada, Customs Bonds

Roanoke is the leading provider of insurance and surety solutions for transportation and logistics providers. In fact, we are recognized as the most reliable source for U.S. customs bonds.

Contact

If you have any questions or need help, feel free to contact with our team.

800-762-6653

US CORPORATE HEADQUARTERS

1501 E. Woodfield Road

Suite 400W

Schaumburg, IL 60173


CANADA CORPORATE HEADQUARTERS

390 Bay Street

Munich Re Centre, 22nd Floor

Toronto, ON M5H 2Y2

Solutions that Go the Distance.

© 2024 Roanoke Insurance Group Inc.

Better Business Bureau logoCoverholder at Lloyd's logo