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An EIN, or Employer Identification Number, is a tax ID that the US government uses to identify business entities located in the US. This is used by Customs to associate entities with any of their import or export dealings such as Customs bonds, Customs entries, ISF filings, etc. Foreign importers can obtain a Customs Assigned Importer Number (CAIN) for these purposes. Your business’s EIN can be found on the IRS Notice.
Cargo insurance is coverage for your shipment from pickup to delivery, across multiple carriers and modes. It covers the purchase value (not retail value) of your goods, as well as freight and other costs associated with the cargo. Flexport highly recommends purchasing cargo insurance as 50% of freight claims are denied by carriers. If something happens to your goods while in transit, it’s highly unlikely that the carrier will be held accountable for much, if any, of the value of the goods. Flexport Insurance’s competitive pricing is a small fraction of your shipment value (0.4% of invoice value). Our cargo insurance policy allows you to cover all your cargo end-to-end under one policy or single out shipments that need it most. You can submit claims within minutes on our Client App. Once the claim is approved, you can usually expect a check or wire within 15 days if the claim is under $100,000.
A customs bond, or import bond, is a legal document that outlines and verifies that all required importing fees, duties, and taxes have been paid. A customs bond is required for goods valued at over $2,500 being imported into the United States The continuous bond amount must cover 10% of annual customs duties and fees calculated on a rolling basis. For example, a continuous bond of $50k would cover an importer up to $500k worth of annual customs duties and fees. If you do not have a customs bond, Flexport works directly with our surety who issues the bonds for importers and can assist you with obtaining a bond.