$100.000 E&O insurance

I have $25,000 E&O insurance. Does it worth to upgrade it to $100,000.
What companies need $100,000 E&O? Can I work with Fidelity National Title directly if
I obtain $100,000 E&O insurance? I appreciate any advise.

Not sure if this varies by state but I was told today by the President of Lawyers Title in NV that to be FNF approved you have to have $100,000 bond insurance.

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If I were you I would get the $100,000 4-year E&O insurance policy. You buy it once and don’t have to think about it for another four years, plus you save money if you buy it for 4 years!

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Thank you for helping me to remember ATGF-Attorneys Title Guaranty Fund that I was trying give to my realtor to use for my real estate investment deal! I couldn’t remember the name until you mentioned, “Lawyers Title”. LOL.

In order to be fidelity approved you will need a minimum of $100K E& O. Since upgrading my E & O to $100K i noticed an increase in signing notifications.

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Congratulations. From my observation. I think you will do well in this business. You seem very proactive and know exactly what you want and finding ways to learn about it and and you go after it. You are a go-getter! :+1::clap:

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Thank you for your kind words. Failure is not an option as this is my only source of income right now. I am blessed that my living expenses are very low and I live and breathe on rewards points and save on everything I buy on a daily basis. I’m the queen of frugal living… :slight_smile:

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Yes, it’s a requirement if you want to do this full time.

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It seems like a lot of people are going with biBerk for their Professional Liability (E&O) rather than the NNA which I currently have, I’m told that the NNA E&O does not cover Signing Agent work. I got a quote from biBerk for a $1 million policy but they would not respond to inquiries about $100,000 or $500,000 plans. Does anyone here have experience with biBerk for Professional Liability (E&O)? A local notary mentor suggested that a $1 million policy might hinder rather than help.

I would get one for a $1,000,000 if possible. Just make sure it covers you as a loan signing agent & not just notarial acts.

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With $1,000,000 E&O you can open your own signing company.

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I got my $1,000,000 with biBerk. I decided to go higher than $100,000 being in California I figured it would probably help. Did your mentor say why the million dollar policy would hinder you?

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My mentor suggested they had seen a dip in signing offers after expanding their policy and felt that a million dollar policy might indicate inexperience and an error rate that justified such a high coverage amount. For that reason I’ve neglected to increase my coverage amount since we started signing in October '21. Then I came across a few threads on here discussing the subject and I’m concerned that we are under covered for the Loan Signing we’ve been doing.

My partner and I both do Loan Signing and general notary work under our LLC, they have recently become Fidelity Certified through a local vendor and needed a bump up to $100,000 anyway so it’s fortuitous timing to be able to ask my questions.

:sweat_smile:

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I guess that might be different depending on where you live. With the price of RE being so high here in California I decided to go higher because the loans will be higher. I did a Refi and the value of the property was just under a million and the refinance amount was almost $650K. Maybe my reasoning is off but I’d rather go with the higher amount. If they used a Notary with a lower policy would they be protected? I was originally thinking of getting a $25K policy and the NNA agent told me that wouldn’t be enough in California, that they recommend at least $100K in California.

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Yeah I live in Seattle and about 50% of my purchase signings exceed a million dollars, had two exceed two million. Most of the rest are 750k or more. I was told also by other users of this forum that the $25k NNA E&O only covers GNW and does not cover Signing Agent acts at all. If that is true then we are entirely unprotected and need coverage anyway. Thus far our errors have been minor and we’ve been able to drive out for corrections same day and close in time, nothing that jeapordized anyone’s interest rate or anything.

[quote=“ThomasNWH, post:15, topic:30051”]
I was told also by other users of this forum that the $25k NNA E&O
[/quote].

Not just the NNA E&O - any standard notary E&O policy covers notarial errors only - it does not cover your work as a signing agent (handling loan docs, loss of docs, errors w/ loan docs, etc). There IS Signing Agent E&O available for an increased premium - you’d have to speak with an insurance agent about it - or discuss a business liability policy with him/her and make sure all aspects of loan signings and notarizations are covered under your policy…

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Thank you I’ll do that. I’m sitting on a $37/month quote right now via biBerk but I’ll call around Monday morning. I’m pretty sure it was an old post of yours that helped me uncover this in the first place when I was using the search function :sweat_smile: thank you for contributing your knowledge and experience to this forum.

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@LindaH-FL Absolutely accurate. In addition, I concur with your specific recommendation.

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I’m very grateful to have found these threads via the search function, I don’t feel E&O had been properly covered via mentorship and instruction I was given but this forum has been invaluable in filling the gaps in education and experience. Thank you for your regular and thoughtful contributions.

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Happy to help if I can. There are several posts here by others who got BiBerk policies - I’m not familiar with that company but, apparently, they have a reasonably priced product that fits the bill. (according to what I read here)

Good luck

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