Protect Your Business With Customs Inspection Insurance
ITC Diligence International partnered with Loadstar, expanding the 4PL program to include the unexpected costs of a surprise inspection from the CBP. For your convenience, we issue these insurance policies over the internet at anytime. For Importers, there is absolutely no reason NOT to purchase this insurance. As soon as the CBP agent hands over the Entry Summary and the Inspection Invoice, you can get your policy, submit a claim and get reimbursed for all costs within 2 days! Premiums range depending on the container size and whether it’s a Full Container Load (FCL) or Less than Container Load (LCL).
Why Invest in Customs Inspection Insurance?
An awkward moment often arises when Importers bring containers with goods into the US that are randomly, and always by surprise, inspected by Custom Border Patrol (CBP) agents. This moment doesn’t come up because of the cargo, or where it came from, or the legality of how it may have gotten there. The irate phone calls from clients and delayed delivery times of goods are just side effects of the true problem: footing the bill that comes with an ill-timed and unexpected random inspection from the CBP.
Who is going to cough up, at times, almost 5 thousand dollars for an inspection that nobody had planned? The Importer (IoR) could do it, but that directly eats into their profit and makes the true cost of importing even more of a moving target. The receiving party, distributor, consignee, end user (a.k.a. someone’s client) could pay for it, but that leads to more challenging conversations and even the potential to lose business. The experience the Importer offers when they hand over goods to their Client is absolutely crucial in an industry rife with political red tape, bureaucratic landmines, surprise tariffs, and seems to always be in global political crosshairs. At the same time, this is also an industry built on decades long relationships with an understanding steeped in trust and processes that are both spoken and unspoken.
How Can ITC-Diligence International Help?
4PL (Fourth Party Logistics) experts, like ITC Diligence International, have seen Customs Inspections problems arise between Importers and Forwarders or Clients time and time again. It’s frustrating, it’s embarrassing, and it can seriously cause delays while the Importers and Distributors iron out the details of who has to pay this unexpected cost. Typically, it’s the Importer who pays, and when the agent hands over that bill it will range anywhere from a few hundred to 5 thousand dollars, at times even more. Depending on the Importer and their budget, this could immediately destroy their profit margins. Now, whatever revenue this latest delivery could have provided, is no longer revenue but a liability! Customs Inspection Cost Insurance makes navigating this roadblock much easier!
ITC Diligence International, Inc. partnered with Loadstar, expanding the 4PL and 3PL programs to include the unexpected costs of a surprise inspection from the CBP. These insurance policies are issued at any time (24/7), immediately, and over the internet. Claims are paid within 24-48 hours after the Inspection Invoice and Entry Summary are submitted. From the perspective of the Importer, there is absolutely no reason NOT to purchase this insurance. As soon as the CBP agent hands over the Entry Summary and the Inspection Invoice, you can get your policy, submit a claim and get reimbursed for all costs within 2 days! Yes, there is a cost to this insurance, but it’s substantially lower than $5000. The premiums range depending on the container size and whether it’s a Full Container Load (FCL) or Less than Container Load (LCL).
Download an informational PDF to learn more.