Posted by Newbie on 9/11/04 4:44pm
Msg #7744

E&O Insurance

I am very new in this business and would like to know if mobile notaries are required to purchase E&O (Errors & Omissions) Insurance? I have been searching the internet checking out applications. Many of them ask for your E&O policy number! I know what E&O Insurance is, but I don't know if I need it!
Your advice would be greatly appreciated!

Reply by BarbaraL/CA on 9/11/04 4:48pm
Msg #7745

You don' t say what state you are in. It's not required in CA, but I would recommend it for the 1st year or so.

Reply by Newbie on 9/11/04 7:39pm
Msg #7751

Re: E&O Insurance

Reply by Newbie on 9/11/04 7:39pm
Msg #7752

Re: E&O Insurance

Reply by Newbie on 9/11/04 7:40pm
Msg #7753

Tennessee....How would I find out if I need it here?
Thanks

Reply by Joan Bergstrom on 9/11/04 8:28pm
Msg #7759

Notaries are probably not required to have E&O insurance in any of the 50 states. The reason you need it is if you want to be a loan signer you probably will not get hired without it ,particularly, if you are a newbie.

This site has a good price for E&O: go to the Notary Shop and put in Tennessee as the state. $15,000 is the industry minimum standard.
Good luck!

Reply by Sylvia_FL on 9/11/04 8:56pm
Msg #7762

Regardless of whether your state requires it or not, I dont think any notary public - especially those of us doing loan signings - should be without it.
I bought the maximum amount I could (and I still often wonder if that is enough!)

Reply by Joan Bergstrom on 9/11/04 9:12pm
Msg #7767

I feel the same way Sylvia does as I have $100,000.00 and it doesn't give me the amount of confort that this amount should. I paid approx. $475.00 for 4 years coverage.

When I teach notary classes in Calif. I tell the students who are here because their employer wants them to be a notary to be sure and have the employer provide E&O insurance.
It is your notary not your bosses and you will be the one who bares the consequences of any error you make!

Reply by Newbie on 9/12/04 12:28am
Msg #7784

Many thanks to all of you! I really like this website!

Reply by carlosnyc on 9/12/04 1:51pm
Msg #7793

I have a different question regarding E & O Insurance. I've noticed that some signing companies ask for a copy of the policy, is this something that you would provide to them????

Reply by Jon on 9/12/04 7:23pm
Msg #7804

I never furnish a copy of my E&O. Do you ask a Dr. for his malpractice policy? Do you ask the mechanic for a copy of his liability policy? When you go to the market to you ask to see their accident insurance, just in case you slip? I think you get my point. The E&O is for me, not the client. The client does not have the ability to make a claim against my policy. If they make a claim, it goes against my bond, which in turn I am liable for. My E&O goes to no one but me.

Reply by Joan Bergstrom on 9/13/04 1:31am
Msg #7823

Jon I see your point; but most Signing Co. will not hire you without seeing a copy of your E&O Insurance Policy.

Reply by Jon on 9/13/04 10:00am
Msg #7830

I've never had a problem, of course I don't work for many ss either. The ones I do work for haven't pressed the issue.