What is a Texas Lost Instrument Bond?
Get replacements for your important lost instruments through this bond!
Even if you go the extra mile to take care of your instruments, in one way or another, mishaps will still happen. You can lose them through various ways, and not just because of a brief memory lapse.
Instruments are legal documents that have financial value. Some examples of this are:
- Stock Certificate
- Real Estate Certificates
- Certificate of Deposit
- Treasury Bills
- Bond Futures
- Cashier’s Check
Losing instruments can be a nightmare. Fortunately, you can redeem yours by going through various steps, and by securing the necessary requirements.
If any of your instruments has become unreadable, damaged, stolen, or lost, you can have them replaced permitting that you will obtain a surety bond.
The purpose of a lost instrument surety bond is usually twofold: First, the surety bond will be for the benefit of the transfer agents or company that will issue the replacement. It will protect the aforementioned parties from false claims.
Secondly, the 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.
How much is a Lost Instrument Bond?
The 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 stolen 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, ask us for a FREE quote here!
How can I get this type of bond?
You must ask the assistance of a dependable surety bond company such as Surety Bond Authority. We will guide you through the whole process and will make things easier for you.
The prequalification process will come next after you have applied for this bond. The process will involve an evaluation of your financial history, job performance history, and credit score by an underwriter. There will be instances where this step will be omitted. In this case, the individual will immediately qualify for the bond upon application.
Once qualified, the surety bond company will execute the bond and deliver it to you.
strong>What is the process of replacing an instrument?
This varies 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 affidavit of 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 yours replaced? Give us a call today or send us an email!