Posted by Joan-OH on 4/26/05 8:32am
Msg #33967
Shane-IN, RE: NNA/Western Surety. Thanks!
NNA began offering E&O for $100,000 in Ohio about 8 months ago. My policy ended 5/8/05, but my commission ends 4/27/08. I called to renew and increase my coverage from 25,000 to $100,000 specifying I wanted my expiration date of my E&O to be the same date as my commission expiration - 4/27/08. I was told it was not a problem.
I get my policy yesterday and the effective date is 4/21/05 (the day I called) and expires 4/20/08, seven days shy of my commission exp. Also, just like Shane/IN, it is for $100,000, but in parenthesis is say (NOT VALID IS AMOUNT IS OVER $25,000)
So folks, the NNA charged me for Insurance, dated it wrong, and I have effectively been working since 4/21/05 with absolutely NO INSURANCE!
I did not want to go with the NNA, but everyone else wanted to sell me a 5 year policy and I only had 3 years left in my commission. I figured, I'll just go with this and move it to another carrier in 2008 for the new 5 year commission term.
Right now I am seething. I have done signings for 100's of thousands of dollars since the 21st. Now I'm trying to decide if I should clear my schedule this week until I have a corrected policy in my hands. I am calling the NNA @ 11:00 my time when the insurance supervisor gets in and if this cannot be rectified today, my next call is to the state insurance commissioner. Obviously, they know this is going on since I'm Shane brought this to their attention a couple of month ago, yet it happened to me.
Shane: thank you for telling us to check. I remembered your message and even asked the sales Rep if they got that issued cleared up before I purchased.
Joan-OH
***Shane's original message below***
So I purchased a $100,000 policy from the NNA a while back, got the certificate in the mail, and never looked it over, just stored it away.
Another notary here in Indiana tried to purchase a $100,000 policy from them, per my suggestion, and they NNA told them they didn't offer $100k policies in Indiana, for members OR non-members.
I looked at my cert, and sure enough it says $100,000 policy, but on the bottom of the cert, it says "Not valid if more than $25,000"....
So I call the NNA, and am told that it was an error on their part, they will refund me the difference, and drop me back to a $25,000 coverage...
This does me no good.... as I need $100k coverage, for the Ameriquest loans I close.
SO, i'm looking for suggestions on where to purchase a $100k policy, reasonable? Also, I'd advise everyone else to look at their certificate from the NNA, to make sure its valid. It may just be Indiana, but I'd rather you be safe, than sorry.
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