Posted by Shane_IN on 3/16/05 10:14am
Msg #25781

NNA $100,000 E&O Insurance Problem....

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.

Thanks

Reply by janCA on 3/16/05 10:59am
Msg #25798

Why?

Shane, did the NNA state a reason as to why they don't insure those in IN with the $100,000 E&O?

Reply by Teasa/NY on 3/16/05 11:01am
Msg #25799

I have $100,000 through Western Surety Company. It was $560 for 3 years which I purchased 2 years ago. I don't know what states they cover. The contact I have is Yolanda Jackson, 800-821-0831, [e-mail address]. They are out of Tallassee, FL. Good luck.

Reply by NT/CA on 3/16/05 11:31am
Msg #25803

Out of curiousity - How frequently do companies (title and ss) require that you have E&O for higher than the basic amounts (e.g. $15,000 - $25,000)? How often are claims actually filed against notaries doing loan signings?

Reply by Lee/AR on 3/16/05 11:53am
Msg #25810

Shane... could you elaborate

WHY do you 'need' $100k For Ameriquest? Would you elaborate/explain. I do these loans & don't have $100K. Why do you? Is it required? By whom? Elaborate, please.

Reply by Happy_in_Fl on 3/16/05 1:05pm
Msg #25821

Re: Shane... could you elaborate

From info I received, if you want to be a National Signing Service for some Title Companies, they require a Million Dollar E&O Policy. (So somewhere, there must be the coverage your looking for)

However, Old Republic Surety provides my coverage- believe it's $60 for $30,000 for 4 years.
Do not know if they go higher -or not. Bur there is No Deductable on that amount.

Would like to hear more on this- from others.

Reply by Shane_IN on 3/16/05 1:11pm
Msg #25822

Elaboration :)

to close loans for Ameriquest, you have to have a $100,000 E&O insurance policy, no questions asked. If you are a closing company for Ameriquest, you need a million dollar liability coverage... Since I close independantly, I only need the 100k.

As for why the NNA doesn't offer it, I have no idea, she just said it was an error on their ordering screen...
I'll be contacting someone else for the insurance, but was aggravated, and wanted to make sure everyone checked their's to be sure they didn't have a policy that was in-fact invalid, as I did.

Reply by Happy_in_Fl on 3/16/05 1:32pm
Msg #25832

Re: Elaboration :)

Goes to show you Shane- NNA did it to "us all" again.

Showed they cannot be trusted to provide dependable answers- or in this case E&O coverage- WHAT IF--God Forbid- But someone had filed suit for damages- and you thought you were adequately covered- and then were not- would they still have to cover you for the $100,000? Or would that little "caveat" not in such and such State, have gotten them off the hook?

Very interesting! Notaries Beware as you said.

Thank you for sharing Shane. ( I'm getting more and more ammo for making up my mind of Not Renewing my Membership with them)

Reply by Shane_IN on 3/16/05 3:53pm
Msg #25852

Re: Elaboration :)

I personally will not be renewing with the NNA when my membership expires... I think they are a waste of a small investment, and there really isn't much of a return in the way of business.

I've never received a single call saying they found me thru the NNA, never.

However, if I had been sued and they had made the error....I'd be foaming at the mouth at the litigation I'd have against them!

Reply by CarolynCO on 3/16/05 9:54pm
Msg #25912

Re: Elaboration :)

I purchased $100,000 and my policy says (Not valid if filled in for more than $100,000).

Reply by Susie/OH on 3/16/05 9:20pm
Msg #25902

That happened to me also. Purchase $100,000 and as you say the certificate states "Not valid for over $25,000.

Reply by lorraine2 on 3/16/05 9:30pm
Msg #25905

Im in Florida, I purchased e&o through nna for $50K. It reads "not valid if filled in for more than $100,000."

Reply by Linda/NJ on 3/16/05 9:41pm
Msg #25907

I just pulled mine out (Oh my, I can't believe I said that!) I also have $50,000.00. and it says same, in caps (NOT VALID IF FILLED IN FOR MORE THAN $100,00.00)

Reply by Shane_IN on 3/16/05 11:51pm
Msg #25925

Again, this could be a State related issue....

I'm in Indiana, so I'm sure it affects my state, I'm just letting others know to check their's to make sure they have a valid policy.

Reply by MarleneM/USNA on 3/17/05 9:38am
Msg #25973

Re: USNA offers $100,000 E&O in most states

It could be that NNA (or their insurance arm) is not licensed to sell $100,000 policies in Indiana. And they may be using an "all-purpose" certificate for any policy amount. However, if you paid for a $100,000 policy, you should have gotten a $100,000 policy, so a refun was in order.

Try USNA at 800-587-2588 to see if our E&O policies will meet your needs.