Posted by Harry [NR] on 1/21/11 2:48pm
Msg #369574
Signing Agent E & O Insurance - Now Available in Florida
We just made Signing Agent Errors and Omissions Insurance available to Florida notaries. Annual policies are available with per claim limits of $75,000 or $125,000, aggregate limits of $150,000 or $250,000, and deductibles of $500 or $1000.
Annual premiums range from $220 to $458.
If you would like to purchase one of these policies, please visit our store by clicking the Notary Supplies tab.
Thanks,
Harry
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Reply by Harry [NR] on 1/21/11 3:23pm
Msg #369583
Re: Do the Signing Agent policies include E&O for
While there are nearly 20 exclusions (dishonesty, crime, UPL/advice, handling of funds, personal involvement in the transaction, circumstances outside of SA control, etc.), notarial error is not one of them. However, coverage only applies to Signing Agent activities. Here are some key points:
1) They are claims-made and reported; the act and the claim must occur while the policy is in force.
2) They ONLY cover Signing Agent activities, where Signing Agent is defined as "An independent contractor hired by a closing agent, broker, lender or other financial party to ensure that all documents provided by the closing agent, broker, lender or other financial party required to close a real estate loan are executed by the borrower(s), duly notarized and returned for further processing as instructed."
3) They are excess policies, meaning they pay only after any other applicable policies have paid. If no other policies are held, they act as the primary policy.
4) Defenses costs are inside the policy limits where allowed.
Harry
Notary Rotary
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