Posted by Anonymous on 6/8/04 7:33pm
Msg #2867

E/O bond amount

I'm new at this...need to know what the normal minimum bond amount that most signing companies are requesting that you must have. Thanks.

Reply by DMMcGee on 6/8/04 11:17pm
Msg #2874

Hello,
Your bond amount is determined by your state. Errors & Omissions (E & O) Insurance is usually optional and I'm sure people have varying amounts - $30k to $50k. I don't know of any companies that require a minimum but rather want you to make sure you have the bond and if you have anyy insurance.

Donna

Reply by Joan Bergstrom on 6/8/04 11:41pm
Msg #2876

The industry standard is $15,000 E&O insurance. I don't think it is a requirement in any state, but I could be dead wrong on this point.
What I will say is even though it is not required I don't think you will be hired by most signing companies without it. They won't say this in writing but it is my gut feeling. This site (NotaryRotary) has one of the best prices in the U.S. for E&O policies.
Check out ther library. I recommend it at the notary classes I teach in Calif.

Reply by Mel on 6/9/04 12:17am
Msg #2877

Thanks, I'm going to check it out. I love this website!!!

Reply by Sylvia_FL on 6/9/04 7:25am
Msg #2879

Joan
I can't find the E&O policies on this site. Where are they?

Reply by Lawrence Goodwin on 6/9/04 10:44am
Msg #2884

E&O covers YOU and only YOU, your notary bond, as with any other bond covers the public. Why should title Co.'s & lenders require you to carry it? Are they going to sue you if the loan dont close. EGADD what a thought.

Reply by PAW Notary Services on 6/9/04 11:11am
Msg #2886

E&O is not available from N/R for Florida. (Only CA, I believe.)

Reply by BR_NC on 6/9/04 11:54am
Msg #2887

I would just like to say thanks for the endless amount of free & useful information shared between notaries. I am a new notary & appreciate all of the freely shared info. Thank you .

Reply by Harry [NR] on 6/9/04 12:44pm
Msg #2891

We currently offer bonds and E&O in California and Missouri. We're licensed in about 15 other states, so far, and are working to get them on-line. In many cases, it's going to require system changes due to the fact that bonds are often part of the notary application. We're trying to streamline that process for those states.

In terms of Florida, we've been eager to get our surety and insurance products on-line. However, we were told in March by the Florida Department of State that they planned to revamp the electronic bond reporting system and didn't want to accept any new vendors until such time as that was complete...which was undetermined. Great, huh?

Here are our Florida rates:

4-yr Bond w/$5k EO: $21
4-yr EO $5k/10/20/25: $15/28/40/45

Of course, it doesn't do a lot of good when Florida is telling us that only current vendors can participate in the notary program for now and the indeterminate future...

Harry
Notary Rotary, Inc.