December 12, 2014 | ISF

CBP to Discontinue ISF SubTypes 5 & 6

Share This:
Featured Image

Per the December 11 CSMS message, effective January 10, 2015 CBP will no longer accept ISF Submission Types 5 (Late ISF-10 – No Bond) and 6 (Late ISF-5 – No Bond). It is no secret that CBP had always intended these provisions for acceptance of late ISFs without bonds to be temporary and available to importers on a one-time-only basis. Some may be inclined to wonder if this announcement could also signal CBP intentions to step up ISF Liquidated Damage enforcement in general. In this regard, also note previous statements by CBP that the current “three strikes limited LD enforcement phase” will expire on May 13, 2015. To date, CBP has exercised great restraint in use of ISF LD enforcement tools. Might it be that before long, those days may be coming to an end?

Roanoke underwriting policy and collateral requirements on STBs to secure late ISFs are not altered by the December 11 CSMS message. We continue to strongly encourage importers of goods by ocean to file an Activity Code 1 continuous bond prior to becoming subject to ISF filing requirements. This is an effective way to save money on bond costs, limit liquidated damage exposure in general, and avoid collateral requirements/underwriting delays in the event of a late ISF filing in particular.

Please contact your Roanoke Trade Bond Service Representative if you have any questions about ISF bond underwriting or any other bond matters.

Share This:

Related


Important Changes to ISF Regulations, Proposed Rule

The “interim final” rule that became effective on January, 26, 2009 has now – for practical purposes – become the final rule as to a great many ISF filings. However, for some time CBP and the trade have been discussing an urgent need for limited changes to Part 149 of the Customs Regulations, primarily to […]

Industry Insights, ISF

CBP to Discontinue ISF SubTypes 5 & 6

Per the December 11 CSMS message, effective January 10, 2015 CBP will no longer accept ISF Submission Types 5 (Late ISF-10 – No Bond) and 6 (Late ISF-5 – No Bond). It is no secret that CBP had always intended these provisions for acceptance of late ISFs without bonds to be temporary and available to […]

A New Era in ISF Enforcement

On June 17, CBP issued CSMS# 16-000499 announcing major changes in ISF enforcement. The following summary is based on the CSMS and subsequent NCBFAA ISF Subcommittee discussions with CBP. Effective for shipments on the water on or after June 30, CBP will operate as follows: Except as noted below, CBP is viewing the Interim Final […]

Industry Insights, ISF

Professional Partnerships

Roanoke is the leading provider of insurance and surety solutions for transportation and logistics providers. In fact, we are recognized as the most reliable source for U.S. customs bonds.

Contact

If you have any questions or need help, feel free to contact with our team.

800-762-6653

US CORPORATE HEADQUARTERS

1501 E. Woodfield Road

Suite 400W

Schaumburg, IL 60173


CANADA CORPORATE HEADQUARTERS

390 Bay Street

Munich Re Centre, 22nd Floor

Toronto, ON M5H 2Y2

Solutions that Go the Distance.

© 2024 Roanoke Insurance Group Inc. A Munich Re company

Better Business Bureau logoCoverholder at Lloyd's logo