Check List for Drafting an Indemnity Bond for Loss or Misplacement of Original

Insurance Policy:

1. The indemnity bond should be executed on a non judicial stamp paper.

2. Parties to the Indemnity bond should be declared.
3. Declaration clause stating that the policy holder lost the Original Policy Document should
be included.
4. Requisition clause to replace the Original Policy Document with a Duplicate Policy
Document and to invalidate the Original Policy Document and validate this Duplicate
Policy bond issued should also be included.
5. Assurance Clause stating that the original policy document is not assigned pledged or
disposed in any other inappropriate and fraudulent manner and the policy holder have
genuinely approached the company to replace the Original Policy Document should be
included.
6. Indemnification clause stating that the policy holder undertakes the responsibility on
account of any misuse and fraud on the Original Policy Document lost by him should be
added.
7. In case of an uneducated client, verification must be made that the client is aware of the
particulars he agreed through the indemnity bond.
8. Copy of the Acknowledgment slip to be given to the customer must be attached.
9. It should be verified that the bond is properly attested by the witnesses.
10. It should be verified that the party seeking a Duplicate copy of the policy document in
replacement with the Original Policy document is the real policy holder and no fraudulent
misrepresentation had happened.
11. The language of the indemnity bond should be simple so that it is easily understood by
the client.