Customs 101: Who Can Issue Customs Bonds?

Only insurance companies accredited with the Accreditation to Transact Business as Surety Company (ATBAS) are authorized to issue customs-related bonds. This ensures that the bonds are legally recognized and backed by companies that meet the required standards for financial responsibility, ensuring proper coverage for customs transactions.

These bonds are required for transactions such as goods stored in a Customs Bonded Warehouse (Warehouse Bond), reexportation (Reexport Bond), goods moved under customs control (General Transportation Surety Bond), and importations and tentatively released goods, guaranteeing payment of duties, taxes, and penalties (Surety Bond).

Insurance companies that wish to provide customs-related bonds may submit their applications for accreditation at any Collection Districts of the Bureau of Customs (BOC). Without this accreditation, an insurance company cannot legally offer the necessary bonds for customs clearance or other related activities.