Underwriting Challenge - What's Wrong With

Years ago when I started as a cub reporter for the Daily Planet, I mean surety underwriter, I ran into a strange situation that was recently repeated. In this article we will present the scenario and ask you to use your underwriting judgement. The question is "What's wrong with this picture?" Scenario #1 Originally this came up on a Lost Instrument bond. The applicant claimed a negotiable instrument (anyone holding it could potentially cash it in) had been inadvertently destroyed. He was a young adult in his 20s who had inherited the asset. His financial statement showed little other than the asset in question, which was a problem because the underwriters do not want to feel that the person has a reason to fraudulently convert the "lost" asset and it's replacement. We wrote back and expressed the underwriting concern, that the applicants financial position was inadequate. In response we received a novel proposal: When the replacement instrument is issued, it will be conveyed directly to the surety who can hold it as full collateral against their exposure, until the bond is released (years!) "There will be no risk to the surety." Sounds pretty good? FuLo6uxm
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