Insurance policy bond needs to be preserved till maturity. Losing this document can be distressing, but there are steps that a policyholder can take to mitigate the impact of such an incident.

To deal with the loss of an insurance policy bond, the policyholder should place an advertisement in a widely circulated English and regional newspaper. After a month, a copy of the advertisement should be submitted to the insurance company.

The policyholder also needs to inform the insurance firm about the loss. Contact the insurer’s customer service, designated contact person, or insurance agent. Keep policy information handy, such as the policy number and sum assured.

Next, an application needs to be filed with the insurer requesting the issuance of a duplicate policy bond document. Some insurers may require an affidavit stating the circumstances of the loss, along with an indemnity bond to indemnify the insurer against any future claims.

The insurance company will initiate a verification process to confirm the details provided by the policyholder. Once verified, the policyholder will receive a duplicate copy of the policy bond, indicated with a ‘duplicate’ stamp.

Follow these steps to ensure that the loss of an insurance policy bond does not leave you uncovered in case of any eventualities.