Right Insurance & Bonds for Your Shipments
JK International is committed to assisting you with your global supply chain. This includes more than just moving shipments. Our additional services include finding the right insurance & bonds for your shipments. The probability of sustaining a loss while shipments are in transit is far greater than most companies comprehend. At JKI, we work to ensure that our clients are informed of this frequently overlooked risk. Shipping companies are often misled into relying on the carrier to pay for losses in transit. There are various international laws and tariff restrictions, however, which limit the liability of air and ocean carriers in the event of a loss. In addition, most air and ocean carriers are not responsible for losses which are unforeseeable and beyond their control. Because of this reason, JKI offers a comprehensive cargo insurance program to clients. Some of our insurance products include:
- Ocean Cargo Coverage
- Air Cargo Coverage
- Comprehensive “All Risk” Coverage
- Coverage for High Risk Countries
For “Special Risk” coverage options, please contact a JKI team member to find out more.
Any corporation, company, or individual wishing to import goods into the United States or engage in other import-related activities or operations is required to post a surety bond or its cash equivalent with the U.S. Customs & Border Protection (CBP).
There are two common types of bonds: Single Entry Bond (SEB) and Continuous Transaction Bond (CTB).
Single Entry Bond (SEB)
Covers a single import transaction. This type of bond is recommended to importers who infrequently import into the U.S.
Continuous Transaction Bond (CTB)
Covers all import transactions at every U.S. port. The bond remains in force for one year and must be renewed annually. This type of bond is recommended to importers who are involved in trade with the U.S. throughout the year.
The amount of a bond varies on the type of your shipments. Typically, for Single Entry Bond (SEB), the bond must be equal to the Customs-entered value of the goods plus the estimated U.S. duties. In some cases, a bond is required to be much higher than the entered value. Some examples when this would be necessary are if the goods are subject to an antidumping duty (ADD) or countervailing duty (CVD), if the goods are subject to Participating Government agencies (PGAs), or if they are subject to certain entry transactions.
JK International offers comprehensive coverage on U.S. Custom bond products with competitive pricing and excellent client services. As your Customs House Broker, JKI will ensure that you have the most appropriate bond and adequate coverage for your shipments.