Lost A Note Bond? Information About A Lost Instrument Bond And What You Need To Get One

If you lost a note bond, this can be very frustrating. Fortunately, getting a lost instrument bond can help you. This type of bond can also help you if you lose other things, such as your bank book, stock certificates, and more. Below is more information about what a lost instrument bond is, as well as what you will need to prepare for one.

Lost Instrument Bond

The lost instrument bond will replace your note bond; this protects you from any liability that may happen in a case like this. To get a lost instrument bond, you have to hire an employee at a surety company. You will speak with a surety broker at this company. It is important that the broker you hire understands the note bond and what is required to get one.

Information A Surety May Ask For

Each surety company is different at what they require which can make it difficult. Below is information about some items you will likely be asked for, so you can be ready when you have your meeting.

Financial Statements

Financial statements will tell the surety broker how much principal your business has. The broker will need the information from your financial statements to get you a lost instrument bond. These financial statements include income statements, balance sheets, cash flow statements, and account receivables and payables statement.

Commercial Bond Application

This document will give the surety broker information on your principals. This document also allows the broker to check your company's credit profile. When you are finished filling out the bond application, you will have to sign and notarize the commercial bond application to ensure that it is legal. It is important that this application is filled out properly because if it is not, the surety will not accept it.

Bank Statements

The surety may require that you give them your current bank statements. They use these documents to verify your assets. A brokerage statement may also be needed because this document allows the surety to determine the assets that are listed on other documents you fill out are yours.

Business Permit

Plan to show the surety a copy of your business permit. For example, if you are a contractor and do not have the right contractor's license, the surety company will likely deny your bond. If you do not have a license, you can take steps to obtain one to get the bond approved, however.

The surety company and commercial lost instrument bond services that you hire can answer any more questions you may have about lost instrument bonds.

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