An ATA Carnet is an international customs document that provides duty and tax-free customs clearance for temporary imports into foreign countries. ATA Carnets simplify the entry by eliminating the need to post some form of financial guarantee, i.e., a Temporary Import Bond. ATA Carnets are recognized in over 100 destinations for virtually all types of merchandise, whether hand-carried or cargo-shipped.
Along with an ATA Carnet, the holder must provide security to the United States Council for International Business (USCIB), the guaranteeing association in our country. The USCIB requires security from all Carnet holders in the event of a default. The required amount is typically 40% of the total value of the General List, with some exceptions.
Roanoke provides an enhanced ATA Carnet Cargo Insurance program to insure goods for the entire duration of the ATA Carnet. This policy is designed to cover losses not typically covered under a standard transit policy. Features of this policy include “All Risks” coverage for new and used goods, including transit to and from a foreign Carnet member country, as well as the time the merchandise is in those countries; and duty reimbursement in the event goods are lost or stolen. The policy also covers goods checked as luggage or hand-carried on a commercial airline.
Replacing a lost ATA Carnet can result in costly replacement and delivery fees as well as lengthy delays. Purchasing Lost Document coverage at the time of the initial ATA Carnet application is a simple and inexpensive way to eliminate these potential risks.