What is an Ohio Lost Instrument Bond?
A surety bond is one of the most important requirements is 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.
Instruments are legal documents that have financial value. Some examples of these so-called important instruments are as follows:
- Bond Futures
- Real Estate Certificates
- Certificate of Deposit
- Cashier’s Check
- Treasury Bills
- Stock Certificate
What is the bond amount for an Ohio Lost Instrument 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 you need to pay will be $20 per one thousand.
Get to know what you’ll need to pay, get your FREE quote here.!
How can I obtain an Ohio Lost Instrument Bond?
Secure this bond by following the steps below:
FIRST STEP: Apply
You need to 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 your financial history, your job performance history, and your credit score. 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 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
- You will have to submit a written statement about the circumstances of the lost instrument
You may call or email one of our expert surety bond agents today!