Posted by Happy_in_Fl on 2/18/05 2:50pm
Msg #21221

Million Dollar Liability Coverage?

I was contacted by a company, asking me to sign up and do Field Inspection type interviews- basically for non-payments on Mobile Homes and / or Manufactured Homes.

However they specify that I have to have $1,000,000. in Liability coverage, and have to include them as loss payee on the policy.

Question. Why would that much of a liability be required?

To interview persons- check interior- take a few pictures- and write a report back? And they pay $30 to do that. But they will have many apparently. (Sounds like a lot of work, for little money- and dealing at times with irate people? (I would think a one million Life insurance policy would be more fitting for me.)

Question. Who would issue a Liability Policy to cover that sort of thing? Wonder what that would cost?

Also- a Title Company- requests a million dollar E&O proof of insurance, and they will send me their signings.

What Insurance company will give that type coverage?

Anybody have any comments or helpful information on this type of Notary work? Sure would appreciate your input. Would not want to pass up a good opportunity, nor do I wish to jump into a pool of hungry sharks. TIA.

Reply by Art_MD on 2/18/05 2:55pm
Msg #21223

You can get $1M as an umbrella policy. Quite common.
Liability would cover - you actions such as theft, assult, fall and break a leg (especially as homeowner might not have coverage) etc.

Don't know about $1M e&o. Hear that would cost $750/yr.

Art

Reply by Ted_MI on 2/18/05 3:06pm
Msg #21229

Happy,

Sorry, but don't follow. "On this type of notary work". What type is that? Were you referring to signings from the Title Company? If so, doesn't sound like a bad gig to me. And I wouldn't think the policy would be that expensive, although actually don't really know.

Reply by Happy_in_Fl on 2/18/05 4:54pm
Msg #21259

Thought they picked up my name from a profile either here or someplace I have signed up for Loan Signings.(thats why I said Notary type work- really don't know that either for sure)

Will have to get in touch and talk with them, but really wanted to explore a little first from any one else who might be doing this type work already. That way, I perhaps would not feel so completely in the dark as to what to expect.

They sent me the forms to complete, but I have to show the Million dollar liability coverage when I submit it back. That is the part where I also need to know who to call. If it's just regular Liability, and I am an Independent Contractor, then why would they need to be on the policy as Loss Payee as well?

If anyone has any info, and are willing to share, you can e-mail me. Right now I am on the fence so to speak. Thank you all.

Reply by Happy_in_Fl on 2/18/05 5:41pm
Msg #21273

Thank you again folks.

Guess this sounds more like, or similar to the Post below.

Just different company- perhaps with different insurance requirements.

I'll have to check it out, and give a call.