What us a Lost Instrument Bond?
Lost Instrument Bonds fall under the umbrella of commercial surety bonds. They may or may not be related to the estate of a deceased person.
When might a Lost Instrument Bond be needed?
Perhaps a bank draft, stock certificates, gold certificates or certified cheque has gone missing. It could be lost in a house move or not been found when clearing the home of a deceased loved one.
How can Estatesure help arrange a Lost Instrument Bond?
In these cases, the bank will ask for an Open Penalty Lost Instrument Bond and the individual can then contact Estatesure as a broker, to source a suitable bond of equal value to that which was lost.
What does an individual need to provide?
Just like with other bonds, individuals will need to prove their own wealth to secure the bond. The difference between Lost Instrument Bonds and Estate Administration Bonds is that the former are open ended. In other words, they do not require renewal and will continue indefinitely.
How much does a Lost Instrument Bond cost?
However, losing certificates is expensive and Lost Instrument Bonds usually cost 3% of the value of the asset.
Need help securing a Lost Instrument Bond?
For further information or if you have any questions about Lost Instrument Bonds, please contact our experienced team at inquiries@www.estatesure.ca.
