As a Customs Broker it is your responsibility in prepare and submit customs documents, which include the calculation and payment of taxes and duties. This can open your company up to exposure if errors are made. GSIS understands these risks and can provide excellent Surety and Insurance products, with A+ rated Insurance Carriers and Sureties, at competitive rates.
A Customs Bond guarantees the payment of import duties and taxes as well as assures the compliance with all laws and regulations governing the entry of merchandise into the United States. The parties involved in the bond contract are the Principal (Importer of Record), the Surety (the insurance company), and the Obligee (who the insurance company is paying; in this case, U.S. Customs). Bonds come in two forms; Continuous Bonds are annual bonds which allow multiple shipments to be entered into the U.S. and Single Transaction Bonds which allow for a one time entry of merchandise into the U.S.
This policy is designed to cover the financial exposures assumed under a multitude of authorities which a international logistic operation may have in place; including International Freight Forwarding authority, Customs Broker authority, NVOCC authority, Indirect Air Carrier authority, Domestic Freight Forwarding authority, Domestic Freight Broker authority, Terminal and Warehouse operations, Consolidation/Deconsolidation services and Intermodal Transportation services including Stack Train operations.
Our Shipper’s Interest coverage allows Freight Forwarders to offer full coverage for their client’s cargo up to 100 percent CIF plus 10 percent value. It is a critical value added service for a Freight Forwarding operation as all International Carriers limit their liability to cargo for as little as $500 per ocean shipment, $9.07 per pound for international air shipments and .50 per pound for domestic air shipments. Shippers Interest also provides coverage for General Average bonds, which can be a significant financial exposure for any Importer or Exporter. Our Shipper’s Interest program also minimizes the financial risk for Freight Forwarders to the cargo they arrange transport for. Having a tailored insurance program can be an additional source of value added service and revenue for the Freight Forwarder.
A General Liability policy, with covered Territories of US and Canada, is intended to respond to the financial risk a Customs House Broker can assume as a result of the transportation services they offer. Third party liability can be assumed for fatalities, bodily injury or liability to third party property.This policy is designed to cover the cost of legal defense and any judgments levied against a Customs House Broker.