What is an Iowa Lost Instrument Bond?
A surety bond is a requirement set forth by issuing authorities before they replace the instrument that you have lost.
The purpose of this surety bond includes the following:
- To protect the issuing authority in case another person files a claim on the instrument that’s been replaced.
- Ensure that if the principal found the lost instrument after it has been replaced, the principal will surrender the new one to the issuing authority or surety for proper disposal.
What is the bond amount?
The bond amount varies widely. The surety bond cost, however, will depend on the value of the instrument.
Instruments that have a value of $5,000 or less can have a surety bond cost of $100.
For instruments that have more than $5,000 in value, the surety bond cost that you need to pay will be $20 per one thousand.
If you want to determine what you need to pay right now, get your FREE quote here!
How can I obtain this bond?
You can easily obtain this bond by following these simple steps:
STEP 1: Apply
submit your application for this type of bond.
Don’t worry! We will guide you through the whole process.
STEP 2: Underwriting
Once we have received your application, we will ask you a couple of important details needed for the underwriting process. This will include your financial history, your job performance history, and your credit score. An expert underwriter will evaluate all those.
STEP 3: Bond Execution
After you have satisfied the underwriter’s checklist, the bond will immediately be issued and sent to you!
What are instruments?
Instruments are legal documents that have financial value. Some examples of these so-called important instruments are as follows:
- Stock Certificate
- Real Estate Certificates
- Certificate of Deposit
- Treasury Bills
- Bond Futures
- Cashier’s Check
What is the process of replacing a lost instrument?
This will vary per issuing authority. Each has their 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
If you need further information about this bond, you may call or email one of our expert surety bond agents!