You should read the policy you are considering to determine what it covers and what exclusions apply. Don't rely on what others says is covered and what a policy does not cover.
Most important is that a policy cover legal costs if a claim is made or even if you are in a situation in which you may be involved in a legal matter. If for example, you notarized a POA appointing Bob as agent. Bob sells property, and now years later, his sister Mary is trying to get hold him responsible, asserting that Mom did not have capacity. You are to be deposed, and your carrier will appoint an attorney to represent you since it is possible you could have some liability.
When this topic arises, I am always interested in learning of any instances when a notary was actually sued in connection with a refi, RM, or any other matter arising from a loan signing. Any of you have personal knowledge of a case? |
