Overview of Airport Customs Security Area Bond Requirements
The Code of Federal Regulations (CFR) requires individuals and companies with specialized access to customs and security areas to hold an airport customer security area bond. Customs security areas are areas in which passengers, crews, and baggage are processed, ramp areas, and other areas determined by a port director.
This bond serves as an agreement on the part of the bonded individuals and companies, that they will comply with customs regulations and adhere to their standards. If a bonded individual or company is found to be in violation of such regulations, the CBP can file a claim against their bond, and request compensation up to the full amount of the bond, also known as the penal sum.
To get a better grasp on how bonds work, have a look at our detailed ‘What is a surety bond’ guide.
In the following sections you can read about the cost of the airport customs security area bond, what could potentially give rise to a claim, and how to get bonded.
Want to speak to one of our agents? Call us at (866)-450-3412 for any bond-related questions you have. We’ll be happy to give you all the answers!
Airport Customs Security Area Bond Cost
The amount of the airport security bond can vary from airport to airport. A common amount for the bond is $10,000, but it’s up to an airport’s director to notify individuals and companies of the bond they need to post in order to operate within a security area.
The cost of the bond is the amount you have to pay to get bonded. This is different from the bond amount, which is the full sum of compensation that the surety issuing the bond can extend. The cost, on the other hand, is typically a fraction of the full amount– usually not more than a few percent. For example, for people who have a high credit score, the cost of their bond can be as little as 1% of the full amount of their bond or less.
A bond applicant’s credit score is the most important factor influencing the rate at which they can get bonded. The higher an applicant’s credit score, the lower their rate. Their financial statements, their credit report as well as their assets and liquidity also play a part in influencing the rate which the surety sets for the applicant.
Getting Bonded With Bad Credit
A low credit score doesn’t mean you can’t get bonded. Our Bad Credit Program is designed to offer bonds to applicants who have a low or nonexistent credit score. Rates for applicants with low credit are between 2% to 10% of the total amount for their bond, in order to account for the higher risk involved in bonding such applicants. How much exactly your bond will cost is determined by the surety when you apply.
Bonds under this program are issued by the same expert sureties that issue all other bonds for Bryant Surety Bonds. Thanks to the over 20 surety companies we work with, we can provide some of the lowest rates on all bonds. At the same time, these bonds are issued by recognized and certified sureties which are among the best in U.S.
For more information regarding getting bonded with bad credit, visit the program page or get in touch with one of our agents.
Claims Against Your Airport Customs Security Area Bond
Claims are filed against a bond when a bonded individual transgresses against the provision, rules and regulations that are included in the bond agreement. In the case of the airport customer security area bond, this includes provisions in Title 19 of the CFR.
When a provision is violated, a claim can be made against the bond to seek compensation for damages that result from that violation. The bond’s purpose is therefore to also deter violations in order to avoid claims.
If an individual does violate the conditions of the bond, and a claim is made, the surety has to extend compensation to claimants. The bonded individual or company must then repay the surety for its backing. Fees against airport security bonds are around $1,000, though depending on the situation, a higher penalty may be incurred by the violating party.
Bond claims can be costly and time-consuming, as well as damaging to the principal’s reputation. You should comply with all requirements, to avoid giving rise to potential bond claims. If any situation should arise which could give rise to a bond claim, make sure to contact your surety and consult with them as soon as possible.
Get Your Airport Customs Security Area Bond Today!
Get your bond by completing our online surety bond application form. We’ll contact you with your free bond quote. Make sure to provide us with plenty of information in order to get the most precise possible quote.
Issuing your bond typically takes about two working days. Once your bond is issued, you will receive a digital copy by email, and an original by regular mail.
Do you have more questions about surety bonds? Call us at (866)-450-3412 to speak to our surety bond professionals.