Hi All:
I just got off a callback from AAN regarding my E/O and Bond amounts. I recently added an eNotarization credential and had to change my signature, stamp, bond & E/O amounts. I was considering raising my coverage to $100k for signings and want to know if they stacked, or what was their policy. They called back and said my bond and E/O amounts were too low, and I was ONLY an eNotary, not permitted to conduct GNW. All of this was supposedly according to the SOS. After an initially frantic call to the SOS Notary Div. I was assured that I was an “actual” notary in good standing with the required coverage for eNotarizations. I promptly ordered $100k in coverage from NNA and will be cancelling what I have now. This was a terrifying ordeal for someone trying to ramp up their business! I am so appreciative of this forum of peers and mentors to help keep me sane!
Sad - sorry you got someone who obviously had no clue. A quick search showed me, per the IL SOS, that you need to have $30k bond for RON notary and there is no requirement specified for E&O. I understand you wanting that coverage and don’t blame you…but if they told you your E&O was too low? They obviously didn’t know IL requirements.
(This is a long one! 
) When navigating interactions with various notarial “Associations,” it’s crucial to remember that entities like NNA, AAN, and others each present a unique blend of advantages and disadvantages, and it’s essential to evaluate them critically. When confronted with state-specific regulations or requirements related to notarial practices, the most reliable approach is to directly consult with the relevant Secretary of State (SOS) department responsible for notary public oversight within that particular jurisdiction. Concerning the stipulations surrounding Error & Omissions (E&O) insurance coverage or bonding requirements, it’s important to acknowledge that individual states frequently establish varying minimum dollar amounts for protection. Conversely, it’s also important to be aware that individual title companies may often impose higher coverage limits or specific requirements on Loan Signing Agents (LSAs) who are seeking to secure assignments and conduct signings. Whether or not to carry the minimum or higher amounts of E&O/Bond amounts should be determined by each individual, the amount of risk exposure they wish to accept. and to expand the pool of companies to get work. With the increasingly high dollar amounts involved in mortgage loans, I’ve decided to personally carry a one million dollars of Error and Omissions (E&O) insurance policy for added protection. Recently I had encountered a situation with AAN, where I submitted my renewal application utilizing an electronic signature through DocuSign. Subsequently, AAN contacted me, informing me that, according to their understanding, the state of Florida does not permit the submission of applications with digital signatures. However, prior to submitting my application, I had specifically reached out to the SOS Notary Public office in Florida to verify the acceptability of using DocuSign, and I was explicitly informed that it would be permitted, provided that I included an authentication certificate with my submission. Of course, after AAN verified things, they proceed to process my renewal application. Over the years, it’s not the first time I had gotten questionable answers from these “Associations” and it probably will not be the last time as well. The reason I used AAN for renewing my notary commission was based on cost of $128.29 vs NNA costs $203 plus taxes and shipping, so my savings exceeded $100 by using AAN. I used biBerk for E&O coverage, again saving myself money vs using NNA or AAN. To recap, each “Association” has pluses and minuses, but at the end of the day, we all have to decide for ourselves what works best for our business.
Thank you for your insight. That’s pretty much why I chose AAN-IL for some things initially as well. Going forward, I think it’ll be easier for me to transition to one, in order to keep things straight - at least in my mind!