BONDS AND SURETY
Protect your business and your reputation with bonds and surety.
Why choose Magaya Insurance Services for your bonds and surety?
Do you handle cargo shipping to or from the United States? Bonds in the international transport industry are required by the Federal Maritime Commission. These bonds are an agreement between three sides: the bond principal, the FMC (Federal Maritime Commission), and the surety that issues and backs the bond.
Miscellaneous bonds provided by a surety market are required by federal agencies to guarantee that a person or entity operating as transportation brokers, ocean freight forwarders, among others in the operations area incidental and common to international trade to fulfill their obligations in a manner that is compliant with federal shipping and US Customs and Border Protection (CBP) agency law.
Magaya Insurance Services offers both miscellaneous and customs bonds for the logistics industry. We also offer surety bond products for all other industries, including but not limited to ERISA/fidelity bonds, construction bonds, lottery bonds, and mortgage lender bonds.
Our bond expedite team’s exceptional swiftness and precision expedites the filing procedures for continuous customs bonds and OTI (Ocean Transportation Intermediary) bonds.
Whether you need assistance with filing or want to purchase a new bond, you can count on fast, attentive, concierge-level service.
With decades of experience serving businesses of all sizes, the Magaya Insurance Services team truly understands the needs of the industry.
Get the personal attention you deserve. Our personalized policy review ensures you always have the best coverage at competitive rates.
Types of Importer Bonds
Importer bonds, also known as customs bonds, are a type of surety bond required by the U.S. Customs and Border Protection (CBP) agency for businesses engaged in importing goods into the United States. There are several types of importer bonds:
Single Entry Bond
A single entry bond is a bond that covers the importation of a single shipment. This type of bond is required for businesses that infrequently import goods into the United States.
A continuous bond is a bond that covers all imports made by a business for a period of one year. This type of bond is required for businesses that import goods into the United States on a regular basis.
Warehouse bonds are required by the U.S. Customs and Border Protection agency for businesses that operate bonded warehouses, which are secure facilities used to store imported goods that have not yet been cleared by customs.
Foreign Trade Zone (FTZ) Bonds
FTZ bonds are required by the U.S. Customs and Border Protection agency for businesses that operate in foreign trade zones, which are secure areas within the United States that are considered outside of U.S. customs territory for purposes of duty payment.
Frequently Asked Questions About Bonds from Magaya Insurance Services
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1. How do I know if I need an importer bond or a miscellaneous bond?
If you are transporting goods into the United States, you will need one of these types of bonds before you can do so. When you have a bond, you become a bonded carrier and are allowed to bring merchandise through a U.S. port of entry legally. If you’re a freight forwarder or NVOCC and you do not get the bond you need within 120 days of qualification, you will not be licensed by the FMC and cannot legally bring merchandise into the United States.
2. How much does an importer bond or miscellaneous bond cost?
The cost of an importer bond or miscellaneous bond varies depending on several factors, such as the bond amount, the risk level of the business or individual, and the bond type. Contact us at Magaya Insurance Services for a personalized quotation that meets your unique needs.
3. How do I obtain an importer bond or miscellaneous bond?
Importer bonds and miscellaneous bonds can be obtained through Magaya Insurance Services. The process typically involves filling out an application and providing financial and business information.
4. How long does an importer bond or miscellaneous bond last?
Importer bonds can last for a single shipment or for a period of one year. Miscellaneous bonds can have varying terms depending on the specific bond type and the requirements of the relevant government agency or entity.
5. What happens if I do not have an importer bond or miscellaneous bond?
Failing to obtain a required importer bond or miscellaneous bond can result in fines, penalties, or the inability to import or ship goods. It is important to ensure compliance with all relevant laws and regulations to avoid these consequences.
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