Canadian Lost Instrument Bonds
Canadian lost instrument bonds are required to be provided by some institutions in order to obtain certain types of replacement documentation including when a person or organization loses the original(s):
Examples Of Documentation That Typically Require Lost Instrument Bonds In Order To Replace
- replacement certificates for stocks
- replacement certificates for debenture
- replacement certificates for Canada Savings Bonds
- replacement certificates for Ontario Savings Bonds
- replacement certificates for a warrant or other bonds
- life insurance policies
- other financial instruments
How Do Lost Instrument Bonds Work?
Lost instrument bonds guarantee that the issuer of the replacement documentation/security will not suffer any financial or economic loss as a result of a duplicate instrument being issued. A lost instrument bond also serves as a guarantee that if the lost instrument is found in the future, it will be returned to the surety company (like The Guarantee and others) writing the bond for proper disposal so that no future economic loss from this instrument can occur.
Different Types Of Canadian Lost Instrument Bonds
There are a variety of types of Lost Instrument Bonds including:
- Fixed Penalty
- Open Penalty
- Waiver of Probate
How Much Do Canadian Lost Instrument Bonds Cost?
Each type of Canadian lost instrument bond and each Canadian surety company has their own rates for the issuance of the various lost instrument bonds they offer, but typically the premium is calculated by multiplying the face value of the lost instrument by the lost instrument bond rate.
Where Can I Get a Lost Instrument Bond?
Lost instrument bonds are available from ALIGNED Insurance brokers who work with the top surety and bonding companies in Canada.
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