I am looking to get direct signings and some title companies require a million dollar E & O policy. Any suggestions on where to buy such a policy?
Thanks!
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I have my E&O through BiBerk
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Whatever your do, make sure that $1M covers you for loan signings - standard E&O covers notarial errors only and does not cover anything related to loan signings or the handling of the loan package.
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Ok Thanks. I will reach out to them.
Hi Nickole, I just went through Biberk/Eric Green was the person who assisted me and he was amazing. Good luck sis!
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How much does an E and O policy for $1,000,000 cost ?
I purchased mine through Hiscox. Online & instant. $33.33 per month
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What company requires you to have a 1 million dollar policy?
Hi Elle, I purchased my E&O insurance through BiBeck and I believe it is $37.00 per month for $1,000,000 which is what I have, or you can pay the annual fee which is right around $407 or somewhere close to that. Good luck!
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Why would you go to the expense of $1M E&O policy? So companies ask so what? Do you really think you would get more jobs? I retired from working in contracts and risk management for a large company out of Seattle. My job included working with 65 Ins UW, obtaining bonds and insurance for multimillion dollar projects, etc. E&O policies are not all the same ~ read the fine print. Ask yourself what is your personal risk value and then purchase E&O accordingly. In WA State I use Western Surety that has been around over 100 years and very affordable.
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I have my E&O through BiBerk
Thank you for your feed back. Yes, I am anticipating getting direct signings. I am just trying to work smarter, not harder. If that helps me reach my goals, then I am going to give it a try. I have wasted money on less important things, for sure lol.
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Good luck to you. Hope all works out.
Just all of you make sure this $1M coverage and the expense it incurs absolutely covers you for your work as a signing agent and not just the notary portion (which, honestly, is what E&O is) - read the fine print and make sure there are no exemptions to coverage - you probably most likely have a professional liability policy and not an E&O, per se.
I have status as a direct independent (as opposed to subcontractor) notary for Fidelity. My E&O is $100,000 as an INDIVIDUAL. Were I to start a company, using subcontractors for signings under the umbrella of my company name, THEN I would need a million dollar policy.
As Alice2uworld suggests, read the instructions carefully before you buy that massive policy.
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I had a 250,000 dollar policy through Hiscox insurance which is through gieco for 32 a month I didn’t need even that much though must companies have a baseline and most states for 25,000 E&O insurance I just dropped down to that one to stop waiting money because it’s very very little companies that require you to even have that 25 bucks I think for the entire year😇
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I know of no signing agencies that require a million dollar E&O policy for individual notaries. Many require them for signing agencies, I just don’t know of any that require that much for an individual NSA.
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Hi Jerry ~ I have had several agencies try the $1 million request and my attitude is not going to happen for my value of risk. I’m 72 and do this work part time. Will carry risk to my grave and just not worth it. Would rather spend money on my Granddaughter 
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I have E&O thru BiBerk a $1M policy
Judikidd agree. No way buying that massive policy unless I have to. I worked in Risk Management for a large corporation in Seattle before I retired with 65 underwriters to deal with and their requirements. After 15 years of working with those people they taught me to be careful but it all depends on the situation. When I flipped homes in Sequim, made sure my subcontractors were licensed, insured and bonded for enough money to cover project. Good thing ~ I ended up filing lawsuit against one contractor that messed up his work and won my case. Never know when you will find a lemon and I made lemonade.