Customs warehouse guarantee

Obsidian Broker is providing importers with customs guarantee instruments, policies guaranteeing to the Beneficiary (customs office) that the Insured (importer, customs commissioner) will comply with its obligations to pay debts arising from import operations corresponding to goods subject to customs clearance and under a certain special customs procedure (suspensive).

Introduced by the Union Customs Code adopted in 2016, the insurance policies represent an optimal way to guarantee the customs warehouse, preventing the blocking of a company 's funds by the classic version of the bank guarantee letter or by setting up a cash deposit.
Special / suspensive customs regimes are those customs regimes that allow the suspension of the obligation to pay the customs tax and other taxes related to the import of goods. The customs guarantee policies provided by the partner insurers are intended for importers of goods under the following types of suspensive customs procedures:
  • Temporary storage
  • Customs warehousing
  • Active improvement
  • Temporary admission
  • Release for free circulation with final destination
  • Union transit

The customs security may be issued for a single customs operation or for two or more customs operations. By making the payment of the insurance indemnity to the BENEFICIARY, the INSURER acquires the regress right against the INSURED for the recovery of the indemnity paid to the Beneficiary.

This type of policy protects the insured against any unfounded claims or abusive performance of guarantees, given the beneficiary's obligation to demonstrate fault for claiming compensation.

Benefits

  • Reduced costs compared to bank guarantee letters
  • This avoids working capital blockage
  • Specialised advice during the contract
  • Issuance of the guarantee quickly and efficiently
  • Issuance of the guarantee both irrevocably and unconditionally and conditionally
  • Reduces the risks for the insured, provided that the payment is conditional on proof of non-fulfilment of a contractual obligation

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