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Bond Of Indemnity - Amount |
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Bond Of Indemnity - Amount |
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This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Question 4l8. - Why is it that in taking a bond of indemnity twice the amount of the lost cheque or draft is asked? Is it to cover possible law costs?
Answer. - There is no set rule that twice the amount of the item shall be specified as the limit of indemnity. The bank's only concern is to see that the amount of indemnity recoverable shall be sufficient to cover the amount of the item and such additions as could possibly be made to it by way of costs, etc.
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