What is a Minnesota Lost Instrument Bond?
A surety bond is one of the most important requirements in having a lost instrument replaced.
Issuing authorities will require you to submit this type of bond to protect them in case another person files a claim on the instrument that’s been replaced.
This type of surety bond will also act as an assurance 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 are the different types of instruments?
Here are examples of these important instruments, which are legal documents that have financial value:
- Bond Futures
- Treasury Bills
- Stock Certificate
- Real Estate Certificates
- Certificate of Deposit
- Cashier’s Check
What is the cost of this bond?
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 needs to be paid will be $20 per one thousand.
To find out what you need to pay, secure your FREE QUOTE here today!
How do you secure this Bond?
Secure this bond easily, just follow the steps below:
First Step: Apply
Submit your application for this type of bond. Don’t worry! We will guide you through the whole process.
Second Step: Underwriting
Once we have received your application, we will ask you for a couple of important details needed for the underwriting process. This will include the following:
- Your credit score
- Your financial history
- Your job performance history
An expert underwriter will evaluate all those.
Third Step: Bond Execution
After you have satisfied the underwriter’s checklist, the bond will immediately be issued and sent to you!
What is the process of replacing a lost instrument?
This will vary per 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 will have to submit a written statement about the circumstances of the lost instrument
- You must submit an affidavit stating all pertinent facts about 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? Apply here today!