Merchants Bonding Company-doesn't cover NSA e&o issues

Thanks for bringing this to our attention,. I for one went straight to the link and purchased Signing Agent Insurance. I was shocked to realize I wasn’t covered for signing errors. I realize it was my fault for not reading the E&O from NNA but trusted them that they had my back. Big mistake in hindsight! As of today I have $150K coverage. Thanks very much.

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same policy I found out

NNa says its the same policy

I’ll tell you what…go back and read the original post here where the poster spoke with someone at Merchant’s Bonding Co…read it very closely

Then make your own decision. Standard E&O will NOT cover you for errors in the signing of any documents or handling of the packages - it will only cover you for notarial errors. And that includes the standard E&O issued by the NNA. This would not be the first time there has been bad info disseminated by that organization.

You do your research and come to your own conclusions and do what you think is best for you. And God forbid you get sued for an error in the documents (not notary related) I hope you truly are covered.

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LindaH this is a prime example of “You don’t know what you don’t know”. To suggest that a new Notary Public should have known that E/O insurance does not cover your “work” while doing a Loan Signing when the language in the policy specifically does not say it excludes this type of work is a stretch to expect a New Notary to glean this from the tea leaves.

I’m one of those people who did not know this and I’m scrambling trying to find an insurer who covers California Notaries. I haven’t found one yet.

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I found one but it offers a Professional Liability Policy but nothing says specifically E&O except the application. I’m working on it now to see if I can get a letter from the insurance companies. I’ll post details later.

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Catherine D. Vanelli
Licensed Insurance Agent
E. R. Munro and Company
877-376-8676 x130

Tell her that you need a policy that covers E&O for Notary and Notary Signing Agents. She can issue a policy thru Markel for professional liability that will state it covers E&O for Notary & Notary Signing Agents.

THEY CAN PROVIDE INSURANCE FOR CALIFORNIA NOTARIES AND NSAs

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I created an inquiry on their website as to why they don’t offer any policies for California. I was emailed today by Ms. Vanelli that they can offer a policy for California Notaries. I am waiting on a quote for 100K, 200K and 1M.

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I have asked in the past and have been told by multiple companies that since I am in CA insurance is not available for signing agent liability. I’ll try again.

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CA: Contract Catherine (see previous post). Here are a few others that may work, I have not contacted them since I got my insurance thru Catherine: Ross Insurance Services (800-543-1444), CA Notary Services 800-821-0831, Fox Point 800 499 7242, Matt Kayla at Top Insurance Asc… These contacts were on my next contact list and were derived from other peoples comments. If any succeed, let us know, there are several states in the same situation.

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NEW YORK TOO?
Let me know

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That I don’t know, I suspect there is something strange why so many companies won’t insure california and a few other states. It’s worth a try, give her a call.

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There is another option to Markel and it is Top Insurance Associates, LLC. They offer a 1M dollar policy of E&O for General Notary Work and Signing Agent Work. This policy cost 243.00 for one year of coverage. I have been working with the individual below who has been responsive to my email inquiries. He has answered all of my questions to my satisfaction that their policy has no exclusions for General or Signing Agent Work. Here’s a snippet from the last email that I received from him.

“You want to look at the ‘exclusions’ section of the Professional
Liability Coverage Form on page 70 of 92; insurance policies will cover a
claim unless specifically excluded, of which this policy is not
excluding loan signing coverage.”

Matt Kayla
TOP Insurance Associates LLC
Insurance Brokers
10530 19th Ave SE, Ste#101
Everett, WA 98208

Please note I was referred to this insurance company by another Notary Public who has held this policy for the last 3 years and the renewal rate has not changed in that 3 year period.

Here’s a link to get a quote:

https://coversmart.org/topnotaries

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Let us know how that works out, looks like a good price.

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I don’t know if your issue was resolved or if I posted on the subject.
I want you to know that I have Errors & Omissions Insurance that covers me. It is not a bond. I pay $33 monthly for $1,000,000. It is with Hiscox and is liability insurance. The only exclusions are if I committed fraud, etc. Give them a call.

JUST REVIEW , Take time and flip pages over and over again , u will catch missed pages.

I requested a quote from your suggestion…

Perhaps contact Hartford Insurance for a Professional Liability E&O Policy which can cover the gap that Notary E&O leaves. Not cheap, but $1,000,000 in coverage is the basic level at about $400 per year.

These DO NOT HAPPEN< Why are you guys creating a “STORM IN A TEA CUP”.
They can always send you a copy with missing notary stamp, then you can stamp and scan back & snail mail the original or send priority mail or FedEx.
There is more money to be made closing a deal all around. Only a poor title clerk or a poor loan processor will choose the path to sue a notary. Speaks poorly of their effort to salvage a deal.

Trust me, I have seen much action inside and outside.

Every one has missed a stamp. or a initial or a signature. You learn from mistakes, and make sure to check documents slowly again. Not get distracted by other events at the signing location, idle talk and such. CD / NOTE / MORTGAGE : MOST IMPORTANT DOCS , the rest are for compliance purposes only and errors can be remediated. Recording usually takes place 2-3 days later or upto a week later. So you have enough time to rectify. Unless you are dead or if a new notary is required, worst thing that can happen is you DO NOT GET PAID and the other notary completes the job.

        ## Focus on the task at hand will help you to do a great job. ##
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Title companies carry E&OE and also issue a Closing Protection letter to the lender. The Closing Protection letter covers the loss due to mis-behavior of the closer. SO only if you as a notary closer, did something SOOO MALICIOUS, you are more likely to end up in Jail

When they hire you as a temporary contractor , either directly or vide a signing service , ( who also carry their own E&OE & thats how they get the business from title) then its as good as any protection they offer. Business trying to do cheap business must also be prepared for the risk that comes with game.

Why Why Why in the name of god, and who created this myth that notary needs to carry E&OE.

Remember !!! Insurance is sold on fear !!

        ###### "A lie spoken often and aloud becomes the truth" ########
  ###### Been  existing so long that it lends credence to the statement #######
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