Broker Compliance Corner - Broker Responsibilities
With 2021 underway, customs brokers find themselves again balancing the needs of their importing clients on unsettled ground. With tariff-relief legislation hanging in the balance and a new administration ramping up to take the helm, brokers continue to be relied upon to manage importer expectations and provide cutting edge solutions in a competitive market. Whether it be the GSP, China 301 Tariff Exclusions, or the Miscellaneous Tariff Bill, we urge brokers to stay vigilant by documenting files, conversations, and emails to protect their own liability when classifying goods and determining duty amounts. It is always the responsibility of the importer to be aware of laws and regulations governing their imports, but this can get blurred easily when importers look to their brokers to act as a consultant.
Brokers should stay vigilant by checking CSMS messages regularly, monitor ABI for changes, and hire a customs attorney to ensure terms and conditions/POAs are up to date. E&O insurance is also a prudent choice to protect your bottom line in the unfortunate event an error is made by your staff that causes your customer a financial loss. IB&M can tailor a policy to meet the needs of customs brokerage operations of all sizes. With so much change afoot in the industry, E&O Insurance is essential to carry.