Custom warranty insurance
For every customer, carrying out customs pre-clearance operations on any goods crossing the border of Latvia, AAS Any customer who carries out preclearance of any cargo crossing the border of Latvia may receive a guarantee from “Baltikums Vienna Insurance Group” AAS. It is one of the types of guarantee provided by the law of the Republic of Latvia, which may be requested by the customs authorities to cover the debt incurred.
This type of insurance eliminates the necessity for the business to lodge a security to guarantee the payment of state fees and taxes. An insurance company can assume responsibility towards the Republic of Latvia that the carrier (guarantee holder) will finish the relevant customs procedure or pay the required fees and taxes.
“Baltikums Vienna Insurance Group” AAS is one of the insurance companies in Latvia, who has concluded an agreement with the State Revenue Service and obtained the status of a guarantor.
The business owner may select any of the following options at their own discretion:
- An individual guarantee for one preclearance and one customs procedure. The amount of the guarantee is a full sum of customs payment that is due for releasing goods for free circulation. A general guarantee is provided for a longer period (up to one year) and a certain amount of possible customs debt.
- The amount of the general guarantee for the storage of excise goods and application of any customs procedure for excise goods is no less than 142 280 EUR and 71 143 EUR for other goods, as provided by the laws and regulations of the Republic of Latvia.
The guarantee system applies to all customs procedures: transit, export, customs warehousing, inward and outward processing etc.
To purchase a policy, please, contact any of our branch offices in Latvia