This circular provides clarification on the insurance amount and ...

Insurance and Bond Rules Updated for Customs Cargo Service Providers and Authorized Economic Operators.

November 9, 2024

Circulars Customs

This circular provides clarification on the insurance amount and bond value for Customs Cargo Service Providers (CCSPs) and the validity of bonds for Authorized Economic Operators - Logistics Operators (AEO-LOs). It modifies the earlier circular regarding the insurance amount to be provided by CCSPs under Regulation 5(1)(iii) of the Handling of Cargo in Customs Areas Regulations, 2009 (HCCAR). The insurance amount should now be equal to the average value of goods likely to be stored for 5 days instead of 10 days, based on projected capacity. The custodian bond value for imported/exported goods has also been reduced to 5 days' storage from the current 10 days. For AEO-LO CCSPs, the approval as custodians is valid till their AEO authorization remains valid and not suspended or revoked, and the custodian bond's validity is the same as the approval granted under Regulation 10 of HCCAR.

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This circular provides clarification on the insurance amount and ...

Insurance and Bond Rules Updated for Customs Cargo Service Providers and Authorized Economic Operators.

November 9, 2024

Circulars Customs

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