I see E&O policies listed on Notary Rotary for notaries, and for signing agents. The signing agent policy is much more expensive, however it appears to cover more than the regular notary policy does.
Which policy do most of you carry? I see that some of the better SS require $100k in E&O, which is the regular policy, it seems.
Only 25k Notary E & O for me. Nobody has ever suggested more and I work with a lot of TCs.
I have 100K Notary E&O, however none of the title companies that I work with actually require that I have it. It costs less than half of what I make for one signing and it is for my protection so I don’t mind paying for it.
You subcontract, so have increased liability, regardless that others you work with are required to carry their own policies. A single notary should be fine with $25,000.
There is more than 1 answer. First if you do any Provident lending files you need $500k. If you plan on growing your business to work directly for Title and Escrow, their lender clients might require it. If you work for good signing comanies ask them. My company covers all signing agents we subcontract to.
The problem is that most mistakes that a signing agent does are not notary errors. What I mean is a notary error can be easily fixed.
most errors are missing signatures and RTC and those are not covered by E&O insurance for “notaries”. So it makes everyone feel good to have the insurance, but so much is not covered by the insurance.
Thank you all for your responses. A couple of the services require $100k, but most don’t seem to.
I always go with 100K, and don’t give it another thought. That seems to satisfy everyone I work with.
You have to remember if there is a law suit with regards to a notarized document you notarized you could be liable and have to pay damages. You should have at least $100,000 in E&O insurance. If you notarize a mortgage and the document and or the signers are questioned for fraud the Notary will be on the hook/sued for the mortgage amount. Why risk it. Also, most agreements you sign with signing agencies state that the Notary will be liable for any damages that occur with notary/signing errors. If you put the wrong dates in the RTC and borrowers have to resign and the dates change when they resign and the borrowers lock expires and they lose their rate the Notary can be held responsible the for difference rate between the original rate and the new rate.
Is car insurance necessary? I’ve spent well over a thousand dollars on E&O insurance through the years and never had to use it. Thanks be.
Have always carried 100K. Standard 15K Bond in CA is worthless with big error. Just like car ins., you need it & never want to have to use it. I consider it cheap when I divide the premium over my commission term & number of signings. Been a member of Notary Rotary for 13 years. Best prices on Notary Supplies & Insurance, bar none.
I carry E & O through The National Notary Association for the past 24 years. A great policy at a good price with coverage up to $100K. There are several options and the rates are good.
Virginia M.Greene
Monterey Park, Ca.
