Insurance requirement for Customs Cargo Service Providers reduced to reflect dwell time, aligning bonds with actual storage exposure and easing compliance. Requirement that insurance and bond cover for Customs Cargo Service Providers (CCSPs) reflect actual storage exposure in customs areas is modified to base coverage on average storage for a ten day clearance period rather than the earlier thirty day period, with the Commissioner of Customs to specify amounts having regard to goods already insured by importers or exporters; the change aims to ease doing business and aligns with an amendment reducing bond value correspondingly.
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Insurance requirement for Customs Cargo Service Providers reduced to reflect dwell time, aligning bonds with actual storage exposure and easing compliance.
Requirement that insurance and bond cover for Customs Cargo Service Providers (CCSPs) reflect actual storage exposure in customs areas is modified to base coverage on average storage for a ten day clearance period rather than the earlier thirty day period, with the Commissioner of Customs to specify amounts having regard to goods already insured by importers or exporters; the change aims to ease doing business and aligns with an amendment reducing bond value correspondingly.
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