Insights

Over the course of the two-day mission, meetings were held with representatives from Customs & Border Protection (CBP), the Federal Maritime Commission (FMC), the Food & Drug Administration (FDA), APHIS (a USDA agency), the Senate Finance Committee, the House Ways and Means Committee, and Congressmen/women from relevant districts.

All this uncertainty and risk has many shippers asking questions and re-evaluating their position on cargo insurance. We’ve collected a short list of frequently asked questions, facts, and misconceptions regarding cargo insurance to help generate discussion and ideally leave you better prepared and aware to determine your own risk exposure and insurance requirements.

US Customs can request and audit documentation up to five years from the date of entry, and therefore, the retention requirement for documentation is five years. In some cases, the requirement can be for longer. Such as entries subject to certain trade barriers, anti-dumping, etc. - those documents must be kept until the cases are closed. There are stiff penalties if an importer cannot provide or reproduce those documents when requested. At minimum, an importer’s record retention should include the following: the full customs entry packet, including the commercial invoice, packing list, bill of lading, any related certificates. Trade agreements often require additional certifications, including the verification of country of origin.