Posted by travis faherty on 12/3/05 8:10pm
Msg #80171
E&O INSURANCE
whats your folks take on this, is it really needed, good to have cause you never know. ado many companies require it to do signings from them??? i'm in california if that makes any difference.
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Reply by Brad_Ca on 12/3/05 8:32pm
Msg #80172
Your right, most companies you sign up with want to see that you have this insurance ($15,000 min).
More important, it will protect your assets if you should make an error. To me it is an absolute necessity. The best price I have seen is on this website. Hope this helps.
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Reply by travis faherty on 12/3/05 9:07pm
Msg #80174
now is 15k enough or should i do more. see this up to 100k.
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Reply by Danny_FL on 12/3/05 9:18pm
Msg #80175
Depends on how much you can afford to lose in today's sue happy society... I run with 100k and payed about 190 for 4 years coverage thru NNA.
**shrugs**
Its up to you as you can run as little or as much as you want.
Danny
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Reply by Brad_Ca on 12/3/05 9:34pm
Msg #80176
I also run with 100K. $190 for four years is a good price. It is well worth the price. You do not want to loose your assets if you get sued.
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Reply by O/CNotary on 12/3/05 11:58pm
Msg #80189
Through NNA, $190 for 4 years is 25, 000 coverage per year
for 100K per year, the cost is $156 per year. Anyway, that is how they explained it to me. You might want to check it out.
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Reply by Joan Bergstrom on 12/4/05 12:31am
Msg #80192
It cost me $468 for 4 years in 2003/CALIF
I also got mine from the NNA and I would like to change to a less expensive policy in 2008(Duh!)
Anyone have some suggestions?
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Reply by Joan Bergstrom on 12/4/05 12:44am
Msg #80194
Re: It cost me $468 for 4 years in 2003/CALIF
Actually the policy expires the end of 2007. I don't think I have ever gotten a job from having this amount of insurance and never has a company mentioned to me that they were impressed that I had this amount of E & O Insurance. It was just my comfort level for insurance purposes.
You shouldn't pay in Calif for E&O Insurance, anymore than $44 for all 4 years for a $15,000 policy.
As far as I know the companies offering E&O insurance are all good at this point, but I'm hardly an insurance expert.
The cheapest Surety Bond ($28 for 4 years) and E&O Insurance for Calif are offered on this website and other insurance companies also offer it at these prices.
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Reply by TitleGalCA on 12/4/05 12:56am
Msg #80196
Re: It cost me $468 for 4 years in 2003/CALIF
For me, I'm looking into Notary Rotary's offer of E&O. To date, I haven't found any notary service better than the offers on Not Rot. I suggest the owners are very competitive in this market.
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Reply by travis faherty on 12/4/05 1:51pm
Msg #80236
Re: It cost me $468 for 4 years in 2003/CALIF
best i have found it is for $468. but i see that here you can get a 20k policy and if you bought 5 20k policies you'd be mid 300's. now is 5 20k policies the same as 1 100k policy. is this even legal????
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Reply by sperkie on 12/3/05 11:58pm
Msg #80190
I AGREE. It is a must. The National Notary Association offers it for $17.00 for $15,000 of coverage for one year. And gives a discount if you purchase more coverage or multiple years at once.
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Reply by Kevin Ahern on 12/4/05 4:59am
Msg #80197
You may want to explore trhe upper limits of coverage. You are liable for the amount of a judgment that exceeds to limits of the policy. The policies often provide that the legal fees for your defense will be deducted from the proceeds of the insurance coverage, and will thereby reduce the funds available to pay the judgment. You personally pay the balance in excess of the available funds. Some clients will not do business with a signing agent that carries less than $500,000 of coverage. Our firm carries $1,000,000 of coverage at an annual premium of $1,700-$1,800.
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Reply by Brad_Ca on 12/4/05 12:57pm
Msg #80218
www.nationalnotary.com (NNA). Go to Notary supplies, then to bonds. They have a chart that breaks down coverage and years.
Also, it looks like this site now offers more than the basic $15,000 coverage
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