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Us bond
- Thread starter mrspeed19692006
- Start date
One of the easiest ways is to go through your insurance provider. It's not a quick process. You will have to submit forms to US Border agent along with financial statements & then THEY will decide what your bond will be set to. Then it goes through the agent that your insurance deals with... can take approx 2 to 3 months 
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Yep... we decided to cancel our bond because we never had need of it. Then guess what??......... Sod's Law...... we kept getting requests for in bond shipments ... so we are now in the process of resurrecting it
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The cost to maintain a U.S. bond is about $500.00 annually. Whether you use it or not it is a small price to pay for another option when booking freight. We originally setup a $25k surety bond and have been paying the renewal fee for years.
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Glad to see this topic come up and ty for whoever started it...
We are a bonded carrier and have never used it. We had the oportunity to do a load that was coming in from Iraq to Chicago, in bond, and we were to put our bond in place from Chicago to Winnipeg.
Having never had to use the bond, I had a million questions and unfortunately no one could direct me as to what paperwork need to be filled out and where to send it.
Can anyone on here please explain, in layman's language, how a carrier bond works and the processes to putting it in action.
Thanks in advance for your wisdom...
We are a bonded carrier and have never used it. We had the oportunity to do a load that was coming in from Iraq to Chicago, in bond, and we were to put our bond in place from Chicago to Winnipeg.
Having never had to use the bond, I had a million questions and unfortunately no one could direct me as to what paperwork need to be filled out and where to send it.
Can anyone on here please explain, in layman's language, how a carrier bond works and the processes to putting it in action.
Thanks in advance for your wisdom...
we are a Canadian bonded carrier & we have "in bond" manifests. This is filled out at the border & then goes to a bonded warehouse for further processing. This could take hours. However until you get that stamp on your manifest, the freight (no matter where it is) is still your responsibility. If you want to know more I can get our border/customs specialist to call you 
get hold of ryan.gibson@dhs.gov located at US Customs Detroit
Ryan Gibson .. he's going to want equipment lists and complete name,addresses, positions of everybody in your company.
Ryan Gibson .. he's going to want equipment lists and complete name,addresses, positions of everybody in your company.
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Make sure your driver clears their bond before delivering, we've recently run into that problem with an El Paso delivery. The fine is huge for non-compliance and there are some drivers out there that have difficulties following instructions.
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I knew someone on here would know what's what with bonds...
Faey, I'll call you later on this topic
Thanks everyone for your input
Faey, I'll call you later on this topic
Thanks everyone for your input
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Qualifying for a US Bond
Good Day, first post.
Just an FYI I've been setting up US bonds for a few years and I've never had a carrier qualify for one with out getting a "letter of credit" for $25,000 USD from their bank.
It's a high risk bond and unless you can show your company is in the black for the last few years for over $100K at least (depending how many units you have) you won't qualify unless you put up the money your self.
If you have good credit with your bank (or just have the 25K lying around
) best just to start with the letter of credit rather then getting all your company financial's to your insurance broker only to wast a lot of time getting declined by the insurance company.
Good Day, first post.
Just an FYI I've been setting up US bonds for a few years and I've never had a carrier qualify for one with out getting a "letter of credit" for $25,000 USD from their bank.
It's a high risk bond and unless you can show your company is in the black for the last few years for over $100K at least (depending how many units you have) you won't qualify unless you put up the money your self.
If you have good credit with your bank (or just have the 25K lying around
) best just to start with the letter of credit rather then getting all your company financial's to your insurance broker only to wast a lot of time getting declined by the insurance company.