Customs bonds provide a financial guaranty between three parties: the Insurance Co./Surety company issuing the customs bond, the Principal, 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.
Please note the Principal signs an indemnity agreement with the Insurance Co./Surety that indemnifies the Insurance Co./ 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.
As a national bond broker with a full line of commercial surety bonds, Allstar Surety makes applying for a customs bond easy. We’ll help your insured obtain a customs bond from us quickly, and at a competitive price.