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 E&O Insurance - required? How much to get?
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n/a

New York
2 Posts

Posted - 06/05/2010 :  2:21:17 PM  Show Profile  Reply with Quote
Where would a NYS notary get E&O?

Christine Belin
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MoneyMan_TX

Texas
15 Posts

Posted - 05/14/2010 :  8:01:49 PM  Show Profile  Reply with Quote
quote:
Originally posted by Lee-AR

General Business Liability insurance may cover signing agent errors. However, be aware that the more insurance you have, the bigger a target you become. You don't have much (if any) say about whether or not your ins. carrier decides to pay the claim or fight it. Many claims are simply easier to pay than fight in court.
Just want everyone to have all points of view.





Lee, while I can understand the reasoning in your post about the larger your coverage of General Business Liability insurance I don't necessarily agree that it should be the deciding factor in the amount of coverage one should have. True that you would not want to be over insured, but an irrational fear of being a "bigger" target could lead someone to actually be under insured.

One should look at their business plan, the current state of their business, potential risks and speak to their financial adviser(s), including their insurance agent. After doing all this a proper amount of coverage should be able to be determined.

The time to discover that the amount of coverage one has is not sufficient is prior to having any need for it.
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Lee-AR

Arkansas
615 Posts

Posted - 05/05/2010 :  08:31:14 AM  Show Profile  Reply with Quote
General Business Liability insurance may cover signing agent errors. However, be aware that the more insurance you have, the bigger a target you become. You don't have much (if any) say about whether or not your ins. carrier decides to pay the claim or fight it. Many claims are simply easier to pay than fight in court.
Just want everyone to have all points of view.


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vince

Kansas
324 Posts

Posted - 05/04/2010 :  08:47:57 AM  Show Profile  Visit vince's Homepage  Reply with Quote
From the Kansas Handbook (may be very different in other states):

Q. What is Errors and Omissions Insurance and do I need it?
A. Errors and Omissions Insurance (commonly called E & O)
is a form of liability insurance that protects the notary public
from claims or suits that are the result of the notaryís negligent
acts, errors or omissions. Much like car insurance, this type of
insurance covers investigation, defense and settlement of committed
or alleged acts by the insured notary public, subject to
policy limits and provisions. Kansas law does not require
errors and omissions insurance; therefore, it is up to the notary
to determine if he or she wants the additional coverage.

Q. What are the most common errors or omissions made by
notaries public in notarizing documents?
A. The most common errors by notaries public in notarizing
documents are: (1) Failing to attach the notary seal; (2)
neglecting to attach the notary publicís date of expiration of
appointment; (3) failing to sign the notarized document; (4)
omitting names and dates from the acknowledgments, oaths
and affirmations, etc.; and (5) failing to properly administer
the oath.

Q. What is the most serious error made by notaries in
notarizing documents?
A. The most serious error made by notaries is failure to require
the person to appear before the notary before notarizing the
document. The person who signed the document must always
appear in person. Failure to observe this requirement may
result in criminal and civil liability and the loss of the notaryís
commission.
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Sylvia_FL

Florida
46 Posts

Posted - 05/03/2010 :  12:58:11 PM  Show Profile  Visit Sylvia_FL's Homepage  Reply with Quote
The most common types of mistakes a notary could make that would cause damage would be if they put the wrong date on the notice of right to cancel which could effect the borrower's rate. That could cost someone thousands of dollars. However, I have never heard of a notary getting sued for this."

However notary Errors and Omission insurance would not cover this.
The signature on the RTC is not notarized, so it is not a notary error. That is part of the "signing agent" part of the signing, not the notary part. E&O only covers notarial errors.

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jbelmont

California
2991 Posts

Posted - 05/02/2010 :  4:51:11 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
E&O Insurance is "Errors and Omissions Insurance". It protects you from careless mistakes, but not if you engage in fraudulent activities.

The notary bond is a legal requirement in most states. The amount of the bond varies from state to state. The notary surety bond protects the signer or document custodian from fraudulent activity on the part of the notary, but doesn't protect the notary.

E&O Insurance is not a legal requirement. However, it is a smart thing to get, as it insures you against a careless omission or error. If you leave a blank in a critical place, or mispell a name, then your insurance could cover it.

In my ten plus years of experience, having interacted with 10,000+ notaries, I have never heard of anyone filing a claim for their E&O Insurance.

The most common types of mistakes a notary could make that would cause damage would be if they put the wrong date on the notice of right to cancel which could effect the borrower's rate. That could cost someone thousands of dollars. However, I have never heard of a notary getting sued for this.

The most likely form of danger effecting a notary is being subpoenaed for something fraudulent that the signer did. In this case, you should be armed with journal thumbprints which will make your time in court short. The main duty of a notary is to positively identify a signer, and if the court sees you identified the signer beyond a reasonable doubt, you will be off the hook quickly.

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