I have noticed lately that a lot of signing companies are demanding a copy of my E&O policy. Not the well established ones that I have been working with for years, but the ones I have never heard of before who I may work for once and never hear from again.
I have always been advised to NEVER give out any copies of any E&O policy because there is really no reason for them to have it. I have E&O, I let my customers know I do, I refuse to disclose the policy limit and have never provided a copy to anyone. I still have all the work I can handle.
My question is why would anyone I work for want a copy of a policy that only protects me and can not benefit them or protect them in any way? The only thing I can think of is that it is documentation that I have "deep pockets" in the event of any litigation. It could potentially open me up to litigation if I disclosed my coverage amounts and insurance provider. A smart attorney would know what insurance companies fight and what ones settle so a lawsuit could be custom designed to my coverage and policy limits.
Is there a reason everyone wants a copy of my E&O policy that I don't know about? It doesn't protect anyone but me so I am confused why they want this so bad. E&O isn't even required in PA (but is recommended). Also, why do some demand it and some never ask for it? Why do some say they have to have it then call me back later and say they got approval to "waive that requirement for me" when no other notaries are available?
Maybe i'm just paranoid but...
“Just because you're paranoid doesn't mean they aren't after you.”
― Joseph Heller, Catch-22
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