Helping You Track Bond Insufficiency
May 20, 2009
CBP Terminates Pilot Program
On May 19th, CBP ended its pilot program of
giving advance notice to sureties via the ACE Surety
Portal, of bonds set to be rendered insufficient for
having invalid principal addresses. The reasons CBP
stated were that it required too many resources that
could instead be put toward processing new bond
submissions; and, they were not able to achieve the
80% response rate that they felt was necessary to
justify its continuation.
CBP posted the last bad address list to the surety portal on Tuesday May 19, 2009. As has been Roanoke Trade's practice, we are notifying our clients of any bonds on the list for which they are the filer; CBP is allowing 14 days for those bonds to be corrected. On June 9, 2009, CBP will no longer give advance notice of address defects and will promptly render those bonds insufficient. They will however, be giving priority to bad address updates when submitted.
Roanoke Trade Minimizes the Impact for Clients
Through our automated systems, we will continue to
monitor duty-related sufficiency and give our clients
notice of bonds which may be nearing insufficient
bond amounts. If you are not already taking
advantage of this automated service, we urge you to
contact your Roanoke Trade service representative or
send us an email for more information.
Roanoke Trade will also continue to use CBP data to monitor and promptly notify our clients of bonds filed which have been rendered insufficient due to bad addresses (or rendered insufficient for any reason). By taking these initiatives and working together, we can minimize your exposure and provide you with an unparalleled advantage to avoid supply chain disruption.
Contact Us
We appreciate the opportunity to serve you and look
forward to your feedback and questions. If you would
like to learn more about Roanoke Trade's
FastBondTM program or other services,
or would like further details about this attempted CBP
pilot program, please contact
us.
Roanoke Trade Services, Inc.
Affiliate of Watkins Underwriters at Lloyd's and a Member of Munich Re
email:
marketing@roanoketrade.com
phone:
1-800-ROANOKE
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