Posted by notary4az2 on 8/16/12 3:43pm
Msg #430728

Risk Management - third party

I have been emailed by one of the "good comapnies" to join a risk management company at my cost of $199 year ($99 if I join before Sept) to comply to their client's requirements. They are asking me to assume all the responsibility of a third party closer, the way I read this. What are this boards thoughts on this matter and have any of you been emailed to join this risk management company?

Reply by Lee/AR on 8/16/12 3:48pm
Msg #430729

No e-mail, but 'delete' is a good option n/m

Reply by Linda_H/FL on 8/16/12 3:53pm
Msg #430730

Re: Risk Management - third party...yeah

"assume all the responsibility of a third party closer"

Just a little bit above my pay grade there - and they want YOU to pay THEM for the privilege of sticking YOUR neck out??

Yeah..right.

Reply by Stephanie Santiago on 8/16/12 3:58pm
Msg #430732

Agree with Linda n/m

Reply by ananotary on 8/16/12 4:26pm
Msg #430736

I got the same email a little while ago but have not had

time to look at it. I did think it was sorta an odd request and was wondering how many more companies will be going that way and if the "clearance" would be good for any future companies that may require this. $199 is pretty steep and I only hear from this company (assuming that you are referring to the same one: Statewide Document Services) a few times a year, I'm not sure it would be worth it for me.

Reply by notary4az2 on 8/16/12 5:03pm
Msg #430741

Re: I got the same email a little while ago but have not had

I guess that is what concerned me the most is they are asking for $199 per year membership fee or if you sign up now $99 per year and they only assign work to me 4-5 times per year. I do not call that cost affective and nor is it worth it for me. Too bad - good company to work for!

Reply by Linda_H/FL on 8/16/12 5:32pm
Msg #430745

Anyone entertaining signing up for this better be

sure to make sure that, as a "third-party closer" the company is going to cover you under their professional liability policy - cuz you can be sure your Notary E&O Insurance isn't going to cover it, and neither is Signing Agent E&O - your liability as a third party closer is going to go far beyond what you have as a Notary and/or Signing Agent.

Tread carefully.

Reply by MikeC/TX on 8/16/12 6:04pm
Msg #430751

What is the purpose of this "risk management company"? If you assume all the responsibility of a third-party closer -something I wouldn't do, but that's just me - will they indemnify you when (not if) you screw up? If not, paying $199/yr to join a group of people wondering why they're in this basket and where they're going doesn't sound like good business sense to me...

At best, this just looks like another way for them to take money out of your pocket; at worst, it looks like an attempt to lay off their liability on someone else. I would just delete the message and move on.