Posted by Jamie/ Cali on 11/17/04 3:19pm
Msg #11531

Errors & Ommissions Insurance

New Notary here. I havent purchased E&O Insurance. Do companies require a minimum. I dont want to pay for the minimum then learn they want you to have more, any suggestions.

Reply by Wayland Witten on 11/17/04 8:35pm
Msg #11547

I used to carry $35,000 but this month Ameriquest Mortgage Co. announced they are now requiring their notaries carry $100,000 and signing companies $1,000,000. I do about 15 signings for them monthly so I upgraded to $100.000. Cost through the NNA was about $350 for the 2 1/2 years left on my current commission.

Reply by Joan Bergstrom on 11/17/04 11:06pm
Msg #11556

Wayland is certainly correct on Ameriquest but if your budget can't afford the $100,000 insurance policy you can still do loan signings for everyone else in our industry as of today.

I would suggest to you that you get a $15,000 E & O Insurance policy (the industry standard) because it will be difficult to get hired by some signing companies without it. They won't tell you they won't hire you because it is not a Calif. requirement. A $15,000 insurance policy will get you hired everywhere expect Ameriquest.

Harry at this site (notaryrotary.com) has one of the best prices available for Calif Notaries: $44 for all 4 years.

I have posted this before: I have a $100,000 E & O policy bought from the NNA that cost me $468.00 for 4 years. I bought it because I have done so many loan signings that I felt comfortable with a higher policy and I could afford the premium.

I don't think every loan signer needs to rush out and purchase a $100,000 policy to get one company's business.

Ameriquest is a big company with tons of loan and everyone needs to do what is in their best interests.

Hopes this helps!

Reply by Jamie/Cali on 11/18/04 12:18am
Msg #11560

Thank you both for your response...much appreciated...I'm so new it's scary!

Reply by SHall on 11/18/04 8:55am
Msg #11577

I have not bought E & O yet because I am new at this also. I have only closed a couple of loans thus far. I only have 2 years left before I have to renew my Notary Bond, does anyone know if you can get E & O for less than 4 years?

All of the procedures and requirements vary so much, I am sure once I get used to this process it will be worth it, but it is very scary.

Reply by Marlene/USNA on 11/18/04 9:14am
Msg #11581

E&O is usually/should be prorated for the number of months remaining on your commission.

Reply by Shall on 11/18/04 9:22am
Msg #11583

Thank you.

Reply by Elizabeth_CA on 12/20/04 6:13pm
Msg #14205

Wayland,
What City/State are you from?

Elizabeth