I was contacted yesterday to accept a large package in two different locations and needed to be dropped the same day. Through snapdocs with a lender I am not familiar with. This process took up a big chunk of my day.
Inside the package after a few covid forms for both the borrowers and myself, was a form asking for a copy of my E & O insurance because " Incorrectly filling out an acknowledgement is a CRIME, and it will be reported". I was a bit stunned honestly.
Has anyone seen this? Did you attach your insurance?
Haven’t seen one asking for a copy of my E&O, but have seen many with a form requiring Policy # & Co. I’d do it as that’s what E&O is for (even tho’ I think a copy is overkill & simply providing info as stated above ought to be enough).
Your E&O insurance doesn’t protect you from criminal accusations. I had one lender demand I include a copy of my E&O insurance. I offered to do so for $1.00 per page and they had to send me a copy of their E&O.
Keep in mind there are some lenders and Title Companies that aren’t worth the trouble.
Include it. It’s not a private document and no big deal. My advice is not to be difficult to work with by requesting a fee for doing so, or requesting a copy of their policy. This is a business transaction and they have every right to see it. Yes, it’s on SD but some companies still request it. It isn’t personal.
Provide it and enjoy the future orders after showing how obliging you are.
Thank you for your input. But I disagree it is a private document. Just like your Auto insurance and your life insurance. I believe we have to know what our rights are and stand for them. The current climate is one in which we are coerced into believing we must do these things that violate our rights and privacy or face consequences. I’m not in business to be obliging but to provide a quality professional service, and I do, always. It’s not personal, it’s strictly business.
I disagree with you and agree with notarybyangela16 - it’s not a private document - it’s coverage you take to protect your business and assets along with ensuring to contracting parties that you have the coverage to protect them against your errors. It’s just like having a contractor come to your house and provide you proof of licensing, liability insurance and workers’ comp.
I also included it. No big deal. Can be annoying, when they already have it and want it again. I used to prepare to whom it may concern certificate of insurance for prior employers I worked with for their vendor or contract work. At times we had to provide insurance again with each packet. The certificate of insurance is much more detailed than EO. EO I think only has policy number name and expiration date otherwise standard.
In one packet I had it was almost threatening and offensive to read. I’m sure it’s the same in all their packets so I tried not to take it personally. The way they were requesting it as if you have no idea what your doing, must sign all this to prove you know what your doing and include EO info and sign again. It was good money so I gave them what they wanted and wouldn’t mind if they sent me more appointments.
