Surety insurance for importers/exporters
Import and
export
Surety insurance also has applications in the world of international transport.
For certain international carriage of goods, the Customs Authority requires the provision of a guarantee corresponding to the amount of import or export duties which correspond to the customs debt and other charges.
Where a comprehensive guarantee is provided for the amount of import or export duty corresponding to customs debts and other charges the amount of which varies over time, the amount of such guarantee shall be fixed at a level which at all times covers the amount of import or export duty corresponding to customs debts and other charges.
The Customs Authority seeks to ensure the payment of taxes, duties and tariffs through guarantees, which can be deposited in different forms, in cash or through a guarantor such as Surety Insurance.
