Whether you are in the manufacturing, retail, or other industry, if you bring goods into the United States, you must comply with federal trade laws. The list of import and export rules is extensive, but most companies the import goods must file an import bond. Import bond insurance offers a convenient way to comply with U.S. trade regulations.
Because most goods that enter the U.S. are taxable, government authorities want to be certain they receive every penny they are due. As such, federal trade laws require most importers to file an import bond. Most import companies search for an insurer to facilitate placement of the bond. Since the bond creates a contract between the company, insurer, and U.S. government, all parties can be certain of payment for tariffs and other fees.
Significantly, the U.S. government generally requires an import bond, even if the imported goods are tax- or tariff-free. Because of this, most companies that import goods purchase a continuous bond. With these, the company can easily import goods over the life of the continuous bond with very little bureaucratic hassle. Good import bond insurance facilitates this sort of easy trade.
For companies that need an import bond, working with a great insurer is a terrific way to ensure compliance with federal trade laws.