International Carrier Bonds (ICB)

The online application for an ICB can be found in the applications section, or by clicking here.

In March 2004, the US Customs and Border Protection Service issued a directive as part of the Automated Manifest System (AMS) new rules. Under this directive, amongst other things, "carriers" are required to have in place an International Carrier Bond prior to entering the US to load or discharge cargo. The Bond is to secure payment of any fines, duty, taxes or other dues levied by Customs Authorities.
More recently, the CBP issued a further directive outlining the requirements of vessel operators to file crew and passenger manifests via the Automated Passenger Information System (APIS). Under this requirement each vessel is required to file an ICB prior to arrival in the USA. A copy of the SIGCo’s information circular about this latter development can be seen by clicking here.

The ICB arranged by SIGCo will cover both AMS and APIS bond requirements.

Size of Bond required by ship operators:
AMS filing: Minimum of $50,000, though most bonds are being issued for $100,000. This can be higher if US Customs deems the risk sufficient to necessitate a higher amount.
APIS filing: Minimum of $50,000, though most bonds are being issued for $100,000. This can be higher if US Customs deems the risk sufficient to necessitate a higher amount.

Bond Fee:
SIGCo charges a fee for ICB of $1,000 for a $50,000 bond and $1,750 for a $100,000 bond. The fee for a different level of bond can be established by contacting our underwriters, subject to a $50,000 minimum bond. This fee includes the premium to be passed on to the Bond Issuer, a small amount for risk assumed by SIGCo in its capacity within the transaction, and a service fee for the administration involved analogous in terms and amount to that charged for issuance of a COFR guaranty on a service fee basis.

ICB Application

SIGCo will arrange for an ICB to be issued to the US Customs & Border Protection agency in compliance with the AMS regulations and the APIS regulations. The requested documents are found in the ICB application section and should be furnished complete to SIGCo ahead of entry to the US to allow time for US Customs & Border Protection to process the bond. Note that the time for processing by CBP can be as much as 3 weeks.

Please also note that SIGCo only offers the ICB facility to those shipowners that have their vessels guarantied by the company.


ICB Application Process

  1. Ensure that a SCAC number for the "carrier" is applied for and received from the US Customs Office. (AMS only)
  2. Complete the form headed "Information Required for Bond Application"
  3. Obtain the required signature(s) of authorised representative(s) of the "carrier" for the form headed "ICB Procurement Agreement". Please note that the ICB System Standard Terms & Conditions pertaining to this agreement are also available online.
  4. Obtain the required signature(s) of authorised representative(s) of the "carrier" for the form headed "Special Power of Attorney". This document authorizes SIGCo to sign the bond and also the "carrier's" indemnity to the bond issuer.
  5. Return the completed forms to SIGCo via the usual intermediary.
  6. SIGCo will send an invoice for payment of the fee detailing our banking information.The amount will be $1,000 for a $50,000 bond and $1,750 for a $100,000 bond. Fees charged for other bond amounts will be advised upon request. It is the responsibility of the carrier to determine their appropriate bond amount.
  7. Upon receipt of premium SIGCo will arrange a 1-year period for each bond. At subsequent renewals we hope to be in a position such that the bond may be adjusted to be co-terminous with the COFR Guaranty expiry where appropriate and where it will promote administrative convenience.
  8. Upon issuance of the bond SIGCo will return a copy of the countersigned "ICB Procurement Agreement".