Posted by Charlene Ortiz on 9/11/06 12:32pm
Msg #145156

Has anyone been asked to carry $1,000,000 E&O??

I just received a call from a loan officer I work with and the lender is requiring the notary to carry $1,000,000 E&O. I have her checking into this to be sure that it's $1,000,000 and not $100,000. I told her good luck finding a notary (Just a notary, not a title closer, etc.) with that much E&O.

Reply by taxpro on 9/11/06 12:40pm
Msg #145159

No, mine is $100K/$300K n/m

Reply by Charlene Ortiz on 9/11/06 12:54pm
Msg #145161

Found out that it is a requirement of Provident Bank. n/m

Reply by Charles_Ca on 9/11/06 1:19pm
Msg #145173

Are you sure its E&O and not Liability? n/m

Reply by NCLisa on 9/11/06 3:39pm
Msg #145222

Re: Found out that it is a requirement of Provident Bank.

I just did a closing for Provident last week, I have only $10,000 E&O.

The settlement company/TC/Attorney needs to have liability including E&O in the amount of $1,000,000, the notary they hire falls under their liability policy. So the Notary E&O Insurance is icing on the cake.

The law firm I worked at hired independent contractors, and because they were hired by us, they fell under our coverage. So for insurance purposes, we required resumes from all our contractors.

Reply by Signing_Doc on 9/11/06 1:13pm
Msg #145169

mine is 100,000 and that is what is expected to work for a tc here