Guizhou's first customs bonds insurance was successfully recorded at Guiyang customs on Nov 1, marking the start of customs bonds insurance in Guizhou.

Customs bonds insurance is the first insurance product launched by the Chinese government. With guarantee slips provided by qualified insurance companies, customs duties can be paid after cargo successfully passes through customs.

There are currently three insurance companies in China, including The People's Insurance Company of China (PICC), China Pacific Insurance Company (CPIC), and Bank of China Insurance (BOC Insurance).

The insurance covers all companies (except discredited ones), relieving financial pressure and reducing customs clearance time.

Once the insurance company issues the insurance slip, the information on the slip will be automatically transferred to the custom's core system and the insurance claim will be processed.

With customs bonds insurance, import and export companies can go through customs declaration online.

If insurance applicants don't pay their customs duties, the insurance company will compensate customs according to their insurance contacts, guaranteeing national revenue.

According to a staff member of the Guiyang PICC sales department, the insurance can save over 100,000 yuan ($14,430) of deposit for each company, improving the efficiency of customs clearance.