Lost Document Bonds
Lost document bonds are required in order to obtain replacement certificates (for stock, debenture, warrant or bonds like Canada Savings Bonds), life insurance policies and other financial instruments when an individual or company loses the originals. The bond guarantees that the issuer of the replacement security will not suffer any economic loss as a result of a duplicate instrument being issued. Examples of Lost Document Bonds are:
- Fixed Penalty
- Open Penalty
- Waiver of Probate
A lost document bond also serves as a guarantee that if the lost instrument is found in the future, it will be returned to the surety writing the bond for proper disposal so that no future economic loss from this instrument can occur.