Posted by Les_CO on 2/2/07 11:03am
Msg #173743
$500,000.00 E&O Insurance.
Just in case anyone out there is interested. I found someone that sells $500,000. E&O insurance for Notaries. This is not an advertisement for this guy. I know that Provident Funding has been asking for this amount of coverage. ( I have $100,000 with a different company, but I’m considering increasing my coverage) I don’t know if it is offered in every State, and don’t know the cost. (I’m waiting for a quote) Anyway this is the place to find out if you have any interest. Patrick Turney /Service Insurance Agency Inc. 1655 N. Arlington Heights Rd. Arlington Heights IL 60006 Ph. # 847-275-3600
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Reply by Teddog/CO on 2/2/07 11:47am
Msg #173749
Les,
When you find out the cost for $500K please post it. I've been wanting to increase my ins.
Thanks
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Reply by MichiganAl on 2/2/07 12:49pm
Msg #173755
Les, I'd be curious about the costs as well
As much as I hate to have more of these requirements shoved down my throat (seems like something new every month now), I had to turn down two appointments last month because companies were requiring $500,000 in coverage.
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Reply by SusanOH on 2/2/07 1:04pm
Msg #173759
Re:What kind of E&O is it???
Is it the kind that the NNA sells which just covers for notarial actions or is it real liability E&O which I just had to buy because of a new law in the state of OH. I am now covered for ALL of my acts as a Witness Closer for $250,000.00. The law only requires 50,000 but the kind of E&O that is being required by the state you can't find a company to sell a 50k policy.
I'd be curious as to how much it is also.
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Reply by kellieco on 2/2/07 1:15pm
Msg #173761
Re: Re:What kind of E&O is it???
I was wondering how much E & O insurance the average notary holds? I did a search and there seems to be a few with 25,000 and a few with 100,000. My business income can't afford a 100,000 policy. I want to be covered but I don't want to waste money on over kill. Just curious!
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Reply by Les_CO on 2/2/07 1:35pm
Msg #173767
Re:kellico???
I carry $100,000 for Notary work. It costs just slightly more than $25K. (mine is $170 for four years) I think that ANY E&O policy is mostly worthless. If one reads the fine print, it covers almost nothing. Here in CO I must by law carry $100/$300 E&O ins. as a real estate Broker. Just some dim idea someone had somewhere (probably someone in the insurance industry) However these things catch on. So I think The "writing on the wall". I just put it in "advertising" and write it off.
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Reply by kellieco on 2/2/07 1:54pm
Msg #173770
Re: Re:kellico???
I just looked and the NNA wants 416.00 for four years. Where did you get yours?
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Reply by Les_CO on 2/2/07 3:09pm
Msg #173777
Re: Re:kellico???
http://www.notaryofamerica.com
I had NNA (Western Surety) 100K. I think $104 per year. This place is much better, and less expensive.
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Reply by kellieco on 2/2/07 3:14pm
Msg #173778
Re: Re:kellico???
Thanks I'll check it out.
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Reply by Les_CO on 2/2/07 1:21pm
Msg #173763
Re: Re:What kind of E&O is it???
I've heard rumors about OH wanting to require $500,000 (sort of an 'expanded" E&O, so you can pick up checks, etc.) I've also heard that the 'requirement' will be $100,000. All hearsay.
I am not sure of the coverage, or the company, or the cost. (Know of someone in AZ that bought $500K from him) I just called the guy. I'm going to fax him some of my info, and he's going to send me a quote. It may take a few days? I'll let you know what he says about me here in Colorado. It could (probably IS) be different for different States.
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Reply by SusanOH on 2/2/07 1:33pm
Msg #173765
Re: Re:What kind of E&O is it???
The law for Ohio has already been passed and it requires 50k for professional liability E&O, not just for notary errors like what the NNA sells. So again I ask you what kind of E&O is this guy giving you a quote on??? Did he even say what it covers??
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Reply by Les_CO on 2/2/07 1:48pm
Msg #173768
Re: Re:What kind of E&O is it???
Not yet. The coverage may vary State to State. So EVERY Notary in Ohio must have $50,000 in 'professional liability ins."? If thats true then it should be less expensive there. Here in CO every real estate broker must by law carry $100/$300 of E&O ins., but because it's mandatory, the cost is not outrageous. The specific coverage is greater than the (Western Surety?) NNA coverage. Still mot much good in my estimation.
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