Posted by NewPhoenix on 1/16/09 1:48pm
Msg #274730
Question on E&O Insurance
I am in Ohio which does not require E&O Insurance. But I think I should go ahead and sign up for it because Title Companies and Signing Services might expect me to have it. My question then is how much should I get? If I get $10K - $25K is that enough to look ok or does that look like I am being cheap? I'll bet there are many here who would say "Get the max" but is that expense necessary in light of signings being fewer and fewer lately? Any serious advice please?
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Reply by BP/WV on 1/16/09 2:00pm
Msg #274737
I carry 10k even though it is not required in my state.
~A Penny Saved Is A Penny Earned
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Reply by 101livescan on 1/16/09 2:01pm
Msg #274738
In CA, if you want to work for the "big boys", they want $100K...real estate transactions are a higher ticket than a lot of other states. $50K is not bad, probably want to ask some of these company county managers what they want their notaries to have. $20K E&O used to cost $44/four years in CA, not sure what it costs now.
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Reply by MW/VA on 1/16/09 3:01pm
Msg #274761
There are a lot of notaries that see it as a requirement. You are insuring you. It is for your protection. How much do you think you need to cover legal expenses? I started with 50K
and went to 100K. Yes, the larger companies want 100K. Again, it's not to meet their requirements--it is to make sure I have adequate protection. For 100K I pay $104/yr.
We don't have a bond requirement in my state.
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Reply by Linda_H/FL on 1/16/09 3:43pm
Msg #274768
Keep in mind this covers you for notarial errors only - errors in your loan signing work are not covered unless you take a business liability policy that will cover you as a signing agent.
That being said, I carry $100K because I have a house and want to protect it. I guess it's your call as based on your net worth.
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Reply by NewPhoenix on 1/17/09 12:51pm
Msg #274845
Question on E&O Insurance
Thank you for everyone's response! Although I know it is "for me" I am interested in how the amount you have appears to the companies you deal with. Insurance companies usually find some way or some small print they can use to not pay off anyway lol.
Actually, that's a question in itself: has anyone on here ever had to "use" their E & O Insurance??
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