Warehouse-keepers are normally required to provide financial security for goods held in duty suspension within their warehouse. The size of the Premises guarantees relates to the potential duty due on the warehouses average end of the month stock calculated over a 12 month period, with allowances made for seasonal variations.
Forecast throughput level for Premises Guarantees are used for new warehouses.
In some cases we may allow a reduction in the amount of premises financial security required.
What We Require From You
Provide us the details of the particular operation which is the subject of the bond requirement, including bond amount and period for which it will be required, together with a completed application form plus:
A copy of the bond wording required by relevant body
A copy of your last published audited accounts (if you are part of group , group accounts, too)
A copy of your latest management accounts
On receipt of this information, the application will be submitted to our panel of underwriters for their consideration. On the successful underwriting, we should be in a position to offer competitive non-binding indications of terms, as quickly as possible.
Once you have accepted our terms and provided any additional information requested, we will send you any legal documents that need to be executed (such as counter-indemnities) and an invoice for the premium.
Following receipt of the legal paperwork and premium, we will issue the bond.