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Customs Bond Insurance is the first guarantee insurance product in the domestic insurance industry with government agencies (customs at each port) as the insured. The product takes the importer as the policy holder, the customs as the insured, and China Pacific Insurance provides the customs insurance guarantee for the importer, realizing “customs clearance first, tax payment later”, so that the enterprise truly benefits from the reform. The insurance period does not exceed one year.
2.SMEs that need to release customs deposits and bank credit lines
1.Low cost: no mortgage, no credit, new cost, revitalizing the company's sedimentary funds, and enhancing financing capacity
2.High efficiency: shortening customs clearance time, improving trade efficiency and enhancing competitiveness within the industry
3.Streamlined procedures: simple and convenient application procedures, professional and convenient quota examination (completed within 10 working days), and recycling use of the guarantee amount.
4.Fast claim: protecting the taxation security of the customs, settlement of claims within 5 working days upon the trigger thereof
If the customs taxes involved in the imported goods declared by the policy holder during the insurance period are not paid within the time limit set forth by the customs, upon the application for compensation by the insured to the insurer, the insurer shall compensate the insured according to this insurance contract for the customs taxes and the overdue payment payable by the policy holder.
Customs taxes include but are not limited to import duties, import-linked VAT tax, import-linked consumption tax, anti-dumping duties, countervailing duties, waste electrical and electronic products processing funds, and tax deferred interests, etc.
Terms and Conditions of Customs Bond Insurance