A Lost Cashier’s Check Bond is a form of Lost Instrument Surety Bond. The bond is required from the issuing bank when a cashier’s check has been lost or misplaced.
The bank cannot issue a stop payment on the cashier’s check, so in order to re-issue a new cashier’s check, they require a surety bond. If the lost check is brought to the bank and is endorsed, they must pay out on the check, in addition to the new re-issued check. The surety bond prevents the bank from the loss of both checks being cashed. If both checks are cashed, then the bank can collect payment from the surety company.
If there is a claim placed on your bond and you are found at fault, the surety company will pay out. However, you will have to pay the the surety back.
Surety Solutions Insurance Services, Inc. (surety1) has been premier provider of surety bonds since 2003. The company is proud to maintain an A+ rating by the Better Business Bureau, and is licensed to provide surety bonds in all 50 states. To obtain a free, no obligation quote simply complete an application using our easy to navigate, online form. Within a few hours an agent will contact you. Then you make payment and sign some important paperwork and your bond will shipped to you. You will need to sign the bond and bring it to the bank to obtain your replacement cashiers check.