Posted by Notary00 on 3/11/09 3:30pm
Msg #280340

E & O coverage

In Maryland, notaries must be licensed to complete closings. Can anyone recommend an E &O carrier that will cover not only acts as a notary but also acts as a title producer agent?

Reply by MW/VA on 3/11/09 3:34pm
Msg #280343

I'm sure some MD notaries will reply. MD requires more than E&O. The bond requirement is quite expensive from what I've heard.

Reply by Yowheelz on 3/11/09 4:20pm
Msg #280346

E&O can be purchased through NotRot and is easy to come by. The Title Producers License requires a $100,000 surity bond. This you will need to shop. If you have excellent credit the bond will cost $500-$700 for 2 years. If your credit is poor you probably will not be able to get a bond. If you havn't taken the title courses yet check into the cost of the bond first. You don't want to spend $1500 on courses and exam and not be able to get your bond.

Reply by Alice/MD on 3/11/09 5:54pm
Msg #280355

Josephine is correct, the cost of our surety bond is $500-$700. Also, MIA introduced a bill just last month to increase our Surety Bond from $100,000 to $250,000. The Senate bill for this increase has been put back until next year. Be sure our bond will go up.... it is just a question of the amount.

I don't know where you are in the process, but do your research first. There is a lot involved, and it continues throughout the year with CE hours and renewal expense every 2 years. Don't forget to charge your client to reflect these cost.

Reply by Kimberly Schneider/ Mobile Notary on 3/14/09 9:19am
Msg #280692

Hi
I've been writting to Annapolis, in response to the increase to our Surity Bond. The outcome was 150,000 now. I got an e-mail from one of the polititions working on the bill. The MIA has also been covering this topic.

Thanks
Kim