Bond Increase Notice
Source from US customs (click here) or (click here) for CBP 301 form / what is a surety bond? (click here) / bond notice (click here) / glossary bond? (click here) all premiums, commission and etc fees are fully earned on all bond(s)/services/arrangement (no pro-rate and no refunds) after bond has been issued, but "insufficient" ($74. 96):
- Bond marked by CBP as " insufficient " form (click here)
- Bond marked by CBP as " insufficient " on-line (click here)
- More details about " insufficient bond " ( CBP . Gov click here)
- Sample latter from US customs, to increase continuous bond amount.
Increase of Liability letter from US Customs for Continuous Bond:
a. $50,000 Continuous Bond was active June 22 2004 & Customer paid $876.33
b. Customer Received letter from US Customs Sep 30 2004 & has 30 days to increase the Bond amount to $300,000
c. Otherwise bond will be terminated, cancelled, insufficient by US Customs / Agencies / us/bond provider/surety.
d. Customer re-apply for $300,000 Bond & paid $11,477.87 for New Bond, new bond active date was October 23 2004
e. Since All Premiums, Commissions & etc fees are FULLY EARNED on all Bond(s), none of $876.33 is be apply to new bond (NO pro-rate & NO refunds)
f. To prevent, other bond increase letter from US Customs, you can apply for higher bond amount & pay higher fees.
g. Again, ALL PREMIUMS, COMMISSION & etc FEEs ARE FULLY EARNED ON ALL BOND(S)/Services/Arrangement)
Increase of Liability letter from US Customs for Continuous Bond:
a. $50,000 Continuous Bond was active June 30 2006 & Customer paid $876.33
b. Customer Received letter from US Customs July 5 2006 & has 30 days to increase the Bond amount to $70,000
c. Otherwise bond will be terminated, cancelled, insufficient by US Customs / Agencies / us/bond provider/surety.
d. Customer re-apply for $70,000 Bond & paid $6,844 for New Bond, new bond active date was July 29 2006
e. Since All Premiums, Commissions & etc fees are FULLY EARNED on all Bond(s), none of $876.33 is be apply to new bond (NO pro-rate & NO refunds)
f. To prevent, other bond increase letter from US Customs, you can apply for higher bond amount & pay higher fees.
g. Again, ALL PREMIUMS, COMMISSION & etc FEEs ARE FULLY EARNED ON ALL BOND(S)/Services/Arrangement)
Increase of Liability letter from US Customs for Continuous Bond:
a. $900,000 Continuous Bond was active April 01 2014 & Customer paid $35,487
b. Customer Renewal it, April 1 2015 & paid $35.487 for other year.
b. Customer Received letter from US Customs April 5 2015 (date it March 31 2015) & has 30 days to increase the Bond amount to $1,000,000
c. Otherwise bond will be terminated, cancelled, insufficient by US Customs / Agencies / us/bond provider/surety.
d. Customer re-apply for $1,00,000 Bond & paid $42,194 for New Bond, new bond active date was March 15 2015
e. Since All Premiums, Commissions & etc fees are FULLY EARNED on all Bond(s), NONE of $35.487 is apply to new bond (NO pro-rate & NO refunds)
f. To prevent, other bond increase letter from US Customs, you can apply for higher bond amount & pay higher fees.
g. Again, ALL PREMIUMS, COMMISSION & etc FEEs ARE FULLY EARNED ON ALL BOND(S)/Services/Arrangement)
U.S. Virgin Islands bond, insufficient:
The Virgin Islands Area Port issued Notice #2005-15 on August 23, 2005, requiring a bond rider for importations into the U.S. Virgin Islands (USVI). That notice provided
sample language for the required rider. It also advised that a failure to provide the rider would result in the 'suspension of bond usage and privileges', and might impact
the release of goods. The notice also advised that the bond rider must be included with any new continuous bonds obtained after September 14, 2005 if that continuous
bond would be used to import merchandise into the USVI. The Revenue Division Bond Team is aware that some continuous bonds associated with entries filed in the
USVI since 9/14/05 does not have the required rider. As of March 12, 2007, the Revenue Division Bond Team rendered insufficient any valid, continuous activity code 1
bond used to make entry into the USVI since 9/14/05, if a copy of the required rider was not on file. Please note that the rider on file MUST have specified an effective date
of 9/14/05 or the effective date of the continuous bond (whichever date was later). A copy of the bond rider must have been on file with the Revenue Division, Office of
Administration. Any riders submitted in response to that notice which do not explicitly cover the appropriate time period may not prevent CBP from rendering the bond
insufficient.