Lost Document Bond Overview
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What is a Lost Document Bond?
Lost Document bonds are required by issuers and registrars of negotiable securities certificates from the rightful owners of such certificates in the event that a replacement certificate has been requested because of the loss or destruction of the original certificate.
How Do Lost Document Bonds Work?
The surety guarantees to the obligee that the principal will reimburse the obligee for any loss that may be incurred in the event that the original certificate is ever negotiated in the future.
Are There Different Types of Lost Document Bonds?
Yes. The two most common types are:
- Fixed penalty bonds – are used for replacement certificates of fixed value such as corporate debentures.
- Open penalty bonds – are used for replacement of certificates of fluctuating value such as common shares.
How Much Do Lost Document Bonds Cost?
The cost of bonds are determined by the type of bond required, the internal pricing/rating model and the value of the bond required. Typically bond premiums are calculated by multiplying the rate for any given bond by the value of the bond itself. However, each surety company that issues bonds has their own rates for each type of bond and ALIGNED Insurance brokers can help ensure you get the best rates for any bond needed.
To Get A Lost Document Bond Quote Or To Learn More About How A Lost Document Bond Works Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsuranceinc.com
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