Posted by chucke/fl on 5/12/13 10:23pm
Msg #469732

Commission Renewal

OK Notary Rotary I need your help. I am renewing my commission for the 3rd time and I am trying to decide how much E&O insurance to purchase. I have been a signing agent for 8 years and until now I have has $100,000 coverage. I am thinking about decreasing the coverage to $50,000. What would be the cons for making such a decision?

Reply by chucke/fl on 5/12/13 10:27pm
Msg #469733

Sorry about the grammatical error :-(

Reply by Lee/AR on 5/12/13 10:43pm
Msg #469734

Obviously, less coverage

Also less cost and half the target.

Reply by MikeC/TX on 5/12/13 11:40pm
Msg #469736

You do realize that your Notary E&O Insurance doesn't cover most of what you do as a signing agent, right?

Maybe the question you should be asking yourself is whether you need additional E&O insurance to cover your actual business activities.

Reply by Keys_Notary on 5/13/13 12:41pm
Msg #469763

My insurance agent advised me to drop mine down to 50k. Notary E & O only covers if you make a 'notarial' error. Nothing else.

Reply by Linda_H/FL on 5/13/13 12:47pm
Msg #469766

I have a couple companies that require $100k so that's

what I carry.

Reply by MW/VA on 5/13/13 1:56pm
Msg #469774

Here on NR you can now combine policies--such as part

Notary E&O & part Signing Agent E&O. I had switched to all SA E&O, but will do a combined policy next year. Remember, you aren't insuring to meet a cos. requirements--you're insuring to protect yourself for legal fees.