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Bond Marked by CBP as “Insufficient”

If your Freight Forwarder / Custom Broker / U.S. Customs informs you that your Continuous Import Bond has been label as “Insufficient Bond” or “Bond Not Sufficient”
Continuous bonds may be rendered insufficient by U.S. Custom for the following reason(s):  (
click here) (click here) (samples of Insufficient Bond)

1. Outstanding debt issues related to any of the entities on the  bond (including unpaid bills and  debit vouchers);

2. Failure to comply in a timely fashion with a formal demand letter from CBP to increase the bond;

3. Use of an invalid or ‘non-deliverable’ address for any entity using the bond;

4. Failure to comply with the rejection of a termination request;

5. Missing or misplaced bond paperwork or misrepresent at Bond  application;

6. Use of an invalid importer of record number on the bond (ex. an entity using an EIN that is not assigned to that party by the IRS / SSN);

7. Failure to provide any required bond paperwork (ex. Reconciliation rider, bond rider for importation into the U.S. Virgin Islands, surety approval for participation in
deferred tax payment, etc.);

8. Failure to annually deposit the required cash-in-lieu of surety for a continuous bond obtained under 19 CFR 113.40; or

9.Failure to comply with specific mandates / requests from the Office of Finance.

10. Insufficient Bonds Related to Returned Mail (
click here for more details)

11. Refuse to pay bond provider

CBP issues urgent notice to trade that continuous bonds without U.S. Virgin Islands Rider will be rendered insufficient (
click here) & review:
This week, the Revenue Division distributed a reminder to the surety community regarding the bond rider requirement for imports into the U.S. Virgin Islands. A notice
about this bond rider requirement was originally sent in 2005 and later posted to CBP's website as one of the many reasons CBP would render a bond insufficient if the
rider was not on file correctly.

A bond rider must be included with any continuous bond if the bond is used to import merchandise into the U.S. Virgin Islands. Failure to provide a rider for imports into
the U.S. Virgin Islands will result in the "suspension of bond usage and privileges," which impacts the timely release of goods.

The Revenue Division notes a continuing widespread "failure" to provide the necessary rider and has identified hundreds of valid continuous bonds used for entries in
the U.S. Virgin Islands in 2010 without the rider on file. The Revenue Division plans to render these bonds insufficient on Jan. 10, 2011. The rider's effective date must be
Sept. 14, 2005 (when the notice was enacted), or the effective date of the continuous bond, whichever is later. If the rider does not cover the appropriate period, the
Revenue Division may still render the bond insufficient.
Our Contact Info:
PH :(310) 464-1780  
Fax:(424) 702-3262  
2017 Lomita Blvd. #2319 Lomita, CA. 90717 ( Peter ) ( Young ) (Carlos) (Omar) (Kim) (Ana) (info)

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