What is an Illinois Lost Instrument Bond?
Get replacements for your important lost instruments through this bond!
Getting a replacement for the financial instrument that you have lost is easier than you think!
A surety bond is one of the most important requirements to be issued a replacement.
There are various types of financial instruments. Some of these are listed below:
- Stock Certificate
- Real Estate Certificates
- Certificate of Deposit
- Treasury Bills
- Bond Futures
- Cashier’s Check
When you apply to an issuing authority for a replacement for your lost instrument, the issuing authority will require you to submit a surety bond.
The purpose of this surety bond is to protect the issuing authority in case another claimant surfaces.
This type of surety bond will also act as an assurance that you will surrender the new instrument to the issuing authority or surety for proper disposal if you’ve found the instrument that went missing.
What is the Lost Instrument Bond amount?
The bond amount varies widely. The surety bond premium, however, will depend on the value of the instrument, as well as your credit score.
Instruments that have a value of $5,000 or less can have a surety bond premium of $100.
For instruments that have more than $5,000 in value, the surety bond premium that you need to pay will be $20 per one thousand.
How can I get a Lost Instrument Bond?
To secure this type of bond, the applicant seeking an instrument replacement must ask for the assistance of a reputable Surety.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate your credit score to determine your bonding capacity.
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What is the process of replacing a lost instrument?
The replacement process will depend on the issuing authority. Each has its own set of rules regarding instrument replacement. However, there are some common factors in this process such as the following:
- You must submit an affidavit stating all pertinent facts about the lost instrument
- You will have to submit a written statement about the circumstances of the lost instrument
- You will be asked to submit proof of identity
- You must submit a surety bond
Are you ready to get your lost instrument replaced? CONTACT US HERE today!