If Fidelity is open to new notaries, I really doubt it at this time as there isn’t any work. Become Fidelity Certified with the !00k E & O.
Hi,
How do you get Fidelity approved?
Post this exact question in the “search” area…magnifying glass…same question has been asked and answered many times…or just search “Fidelity Approved”…have refreshments handy…lots to read
Good Luck
Thank you for the information
$25k is fine for GNW but if you want to be more attractive for loan signing, get $100k.
You don’t any longer
I worked with a signing service and after doing them a solid by taking a last min appointment with less than 2 hours lead time and still made it to FedEx they were so pleased with me that they sent me the application and then sent me an email letting me know that I was approved.
This is pretty much how my partner got theirs, they had a short notice signing and nobody Fidelity Approved was available so they were brought in and approved via that signing.
As Linda has pointed out (in several threads now ) that only means they’re approved through that particular vendor, not the legendary nationwide approval that comes through their Escrow which is apparently closed indefinitely.
I personally recommend $1M policy. I’m FT.
This is what the NNA website says " If you already have an NNA E&O policy, you don’t need a separate policy to cover you for the notarizations you perform as an NSA. However, if you wish to upgrade or extend your current policy for additional coverage, please call us at 1-800-876-6827.
I currently have biberk, $1million policy but am thinking of lowering it to $100,000. biberk is quoting me $350 a year and NNA is only $131 a year. wondering what the difference is?
@acartiernotary the policy you have with biberk probably covers you for your Signing Agent work, whereas standard E&O (the cheaper one) covers you for notarial errors only. Hence the increased premium, since they are covering you for higher risks. Check with biberk and ask them what coverage that $350 policy will contain - I’ll bet it’s not limited to notarial acts only
JMO
Can you please teach me how to save!!!
It was a hard lesson to learn let me tell you.
“When your business is based on sharing your expertise, you need comprehensive, cost-effective insurance to protect you from damages or legal costs that may arise. **Errors & omissions insurance (or E&O insurance), also known as professional liability** or professional indemnity insurance, provides important coverage.”
I got the above from BiBerk’s website under E&O insurance. They state that E&O insurance is also “known as” professional liability insurance, yet they sell professional liability insurance separately. Confusing and needs clarification from them.
E&O insurance (for notaries) covers us from mistakes/errors made out of performing “notarial acts.” E&O insurance will not cover you if you lose a clients check or documents, because the “act” of losing a check or documents is not a “notarial act.” This is where professional liability comes in. As @LindaH-FL stated, maybe they are combining them, but that (the coverage) needs to be verified through them.
I believe both Fidelity and FirstAm requires $100k to work with them directly.
I have had $25,000 for 13 years and am Fidelity approved. I am blessed to be soooo busy with signings. I’ve never had a problem because of this. I did just get asked to work directly with solidifi title, but they require $100,000 E&O. I don’t know if I want to pay more for this.
@jhoward It would be to your benefit to query them about the average monthly volume they anticipate for your immediate region.
This data would greatly assist you in making the financial determination of whether (or not) it would be worth it to your business to increase the expense of your Errors & Omissions [E&O] insurance coverage limits.
FYI: When they initially launched many anticipated a large volume of Signing Orders [SOs]. Unfortunately, for most the large volume didn’t reach fruition. It’s been lackluster . . .
As a licensed insurance agent, we gotta have at least a million in E&O coverage. The reason is to protect both us and the insurance companies from big financial issues if something goes wrong. I’m in the same boat as a Notary/Loan Signing Agent. Since we’re dealing with huge mortgage amounts, it’s super important to have enough E&O. It’s not about how many loans we do, just one claim could really hurt financially. Think about getting at least $1 million in E&O – it might help you land more clients. Having a lot of E&O doesn’t mean we’re bad at our jobs, it’s just a way to protect ourselves financially. Lenders, mortgage companies, and title companies need us to have E&O to protect themselves too. Let’s be realistic in our risk management planning, if you have unlimited financial resources you can self-insure yourself or carry the minimum amount of E&O coverage. If you are wise in your risk management planning, you will pass the financial liability risks to an insurance company. “One ounce of prevention is worth a pound of cure”…
My first 4 years I carried only $25,000. I upped it to $100,000 when I renewed my commission earlier this year. I believe it does bring more opportunities. Fidelity National Title seems to use Bankserv. My application was accepted after being told they weren’t taking new notaries in 2024. Was it the higher E & O? I don’t know. But I have found so far the extra coverage was worth it.
Bond is different from E&O insurance. My state requires a Bond to get Notary Commission. FNF requires $100k of E&O Insurance.