Introducing the Bond Sufficiency Calculator!

Share This:

Roanoke Trade is pleased to introduce our Bond Sufficiency Calculator, a new tool to help you determine the appropriate continuous customs import bond amount.

Due to the ongoing “trade wars”, tariffs have recently been increased on many imported goods and materials. These increased tariffs have precipitated a spike in mandated increases to customs bond amounts. Prior to the trade wars tariff implementation, it was rare for Customs and Border Protection (CBP) to issue more than 100 to 200 mandated bond increase notices in a month. In September, CBP issued 2,300 notices!

A bond’s sufficiency status is continually measured by CBP on a rolling basis of the prior 12 months of activity. The bond amounts required by CBP are necessarily calculated on past activity, but these amounts could still be deficient for the future 12 months. This means that if you rely on CBP to determine the correct bond amount, you may receive multiple increase demands in a 12 month period, causing you the frustration of time wasted on bond replacement, additional premium charged, and multiple saturated bond terms complicating your underwriting process. Furthermore, bonds with high amounts often require special underwriting approval, so quick action is important, and being proactive is essential.

To help offset these pitfalls of depending on CBP to determine your bond amount, Roanoke Trade has created the Bond Sufficiency Calculator. Stay ahead of the curve to avoid unpleasant surprises and frequent insufficiency actions imposed by CBP. Calculate your own bond sufficiency. If you determine that bond increase is necessary, then increase your bond to the correct amount the first time instead of dealing with new CBP increase demands month after month.

Should you need assistance, please contact your Roanoke Trade Bond Service Team.

2024 NCBFAA Scholarship & Application Announcement

Roanoke Insurance Group is delighted to once again sponsor a $5,000 scholarship to students intending to join the trade industry. The National Customs Broker and Forwarder Association of America (NCBFAA) offers this $5,000 scholarship award yearly and will be presented to the winner at the NCBFAA annual conference in April 2024. The topic for this year’s scholarship will be “What are the key steps an organization should take to ensure that training, auditing, and engagement with a licensed customs broker and the sharing of industry information are effectively relayed to all employees, as well as properly documented to substantiate compliance […]

Events, Industry Insights

We are pleased to announce Karen Rzeszutko has been named President of Roanoke Insurance Group, effective August 1, 2023!

Karen has been a part of Roanoke for nearly 20 years. During this time, she has shown exceptional leadership skills and technical expertise in multiple customer-facing positions, such as Head of Marine & Liability Underwriting and Head of Liability Claims. Her most recent role was SVP, Chief Underwriting Officer, Marine at Munich Re Specialty Group N.A. where she was responsible for leading our inland, ocean and cargo liability underwriting teams. One of her notable contributions was developing essential insurance policies for our clients in the logistics sector. She also demonstrated outstanding dedication in promptly and favorably settling complex liability claims. […]

Industry Insights

Guarding Against Fictitious Pickups and Cargo Theft: Tips and Training

Fictitious pickups are increasing in North America. In the US, the percentage of cargo thefts due to fictitious pickup rose from 1% in 2022 to 17% in 2023. Strategic theft patterns are also rising, where thieves use identity theft and fraud with fictitious pickup and brokering schemes to obtain loads from freight locations. Combatting this menace requires a combination of vigilance, technology, and a well-trained staff. Let’s explore some effective strategies for guarding against fictitious pickups and minimizing the risk of falling victim to scams. Per Tony Pelli, Practice Director, BSI Consulting, Specializing in Supply Chain and Security Risk Management, […]

Cargo Insurance, Industry Insights

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.

Who We Serve