I currently have $100K insurance through NNA but looking for higher coverage. Can anyone recommend an agency that offers $200K - $500K in E&O insurance?
Interesting, why would you need that higher coverage?
There are two title companies in my area who require $225K and one who wants $500 for closing in the developments they represent.
I just got my coverage for E&O and Signing Agent Work (covers both, notarial acts and loan package mistake, from U.S. Underwriter Ins. Company, via Stratum Insurance Agency (they’re located in Las Vegas, but I did everything online)
I follow the advice of:
After many searches I finally found what I need, biBerk is another good option, but they don’t cover my state, NJ. I also tried Hiscox but after I carefully explained to them what exactly a NSA needs to be covered, they don’t cover Notary Signing Agents, only notarial acts.
Thanks, I’ll check out coversmart.
Aren’t you covered for that amount under the title company’s professional liability umbrella policy?
I asked that question and I was told no, because I would be considered an independent contractor and had to have my own coverage.
2 reasons… #1 if you want to work straight with title companies or escrow offices you must have 100K plus
#2 protect your access from a possible lawsuit, where your insurance only covers 1/4 and you would end up paying the other 3/4… does it make sense to you why people want or need 1 million coverage?
What company are you covered under, right now
currently with Merchant’s Bonding
which is through NNA.
I got the same one through NNA.
I learned with @LindaH-FL and other veteran agents in the forums the difference in coverages.
I ended up getting a $1mil policy from biBerk as the difference between $500K and $1mil was a couple of dollars a month. They have been amazing to work with through the whole process.
Contact info below:
Alain Hernandez
Customer Service Representative
bi BERK , a Berkshire Hathaway Company
e. [customerservice@biberk.com]
o. (844) 472-0967 | w. www.biberk.com
Good luck,
Suie
I don’t think you will get enough business from those 2 companies to pay for itself. I would pass. The title company’s 1mil E&O will cover you as well. These title companies just you to have extra, just in case.
These are business choices you have to make. Check google. I believe your would need at least 1mil to do development closing. These always have a high risk of lawsuits.
I was told by NNA that their E&O does not cover ALL notarial acts. I called Hiscox, who I was insured by for two years. Hiscox did not cover me for all notarial acts.
After reading so many posts about E&O and people recommending BiBerk, I switched. I have $1,000,000 coverage with BiBerk for the same amount I paid Hiscox.
Do you mean a “Bond” or E&O insurance through Merchants. I only know about them bonding.
Yep, I just signed up for a $1M policy.
Did you do it with biBerk or Hicox?
I went with BIZ ins for $500k. I also have two lender that now require that amount. Provident and Wayfair ,
Thats crazy the minimum coverage is 30K. Where do you live!!! For them to want that much. They need to pay for it.