Posted by SusanOH on 12/7/06 11:20am
Msg #164556

Attn: OH Notaries

I have just gotten off the phone with an attorneyin the legal dept at The Ohio Dept of Insurance. Soon we as witness closers, signing agents whatever you want to call us, it will be state mandated that we carry 50,000 worth of E&O however this is NOT the kind of E&O that most of us probably currently have that just covers us for our notarial acts, this is the whole shabang that would cover us in anything we do as a "subcontractor" whether it be hired directly from a title company or a signing service. And while I was on the phone with him, I asked him about Signing Services, they also will be considered "subcontractor" and therefore must have this kind of E&O insurance to be state complient. Because they have changed the amount that is necessary a date has not been set as of when this will be mandatory but it is coming. Just thought I'd give everyone a heads up. I will not publicly publish the name of this attorney because I don't want him bombarded with a zillion calls. But I just spoke to him and it's going to be mandatory in order to do the job as a signing agent, as an independent contractor.

Reply by Ilona_OH on 12/7/06 11:35am
Msg #164562

Harry, do you have that kind available or have any hints

as to who might?

Reply by SusanOH on 12/7/06 12:17pm
Msg #164574

Re: Harry, do you have that kind available or have any hints

Ilona,
Start by checking with commercial insurance agents, they are the ones that would be privvy to having this type of insurance.

Reply by BrendaTx on 12/7/06 12:38pm
Msg #164576

Dennis Broadbooks is both notary and insurance man

Here is his link. http://bnsllc.com/services.html

He should be able to assist notaries who may need what sounds like a general liability policy.

I figure this is to protect borrower and title company/lender if the notary was to do a slip and fall at the appointment.

Reply by Dennis D Broadbooks on 12/7/06 12:49pm
Msg #164579

ONLY in MO!

I'm licensed solely in the State of Missouri & I'd be very hesitant to give ANY advice to someone in another state. The best avenue for someone to pursue is contact a local agent/producer who markets & sells commercial line E&O products in that individual's state.

Thanks for thinking of me, Brenda!

Reply by Dennis D Broadbooks on 12/7/06 3:39pm
Msg #164615

After Re-Reading Your Message...

...I need to comment further on your "slip & fall" statement. Insurance liability coverage for a Notary who accidentally causes bodily injury or property damage is supplied by a Commercial General Liability (CGL) policy. Virtually every company out there WILL write this type of coverage & for a very nominal amount I might add. Mine currently runs $200.00 per year. E&O on the other hand stands for "Errors & Omissions" & is designed to provide liability coverage to an insured for a MONETARY loss a claimant sustains as a result of a "professional" error (as long as it's not intentional) or lack of performance on the insured's part. Bodily injury or property damage will not be covered under an E&O policy...only a CGL. E&O can be much more expensive than CGL depending on the type of risk involved.

My usual disclaimer: This is not intended to be insurance advice & my opinion is based on that of a Missouri insurance producer. Please consult your own insurance professional for the advice best suited to your individual needs & pertinent to the state you reside in.

Reply by Dennis D Broadbooks on 12/7/06 12:57pm
Msg #164581

You are Correctomundo, Susan!

Start by checking with a local agent/producer in the area in which you live. Usually an independent agent/agency will have more companies available to them which specialize in this relatively hard to find E&O product. That doesn't mean some of the bigger captive carriers (State Farm, AllState, Farmers, etc) won't write it, but sometimes if it's a new type of product they won't have any experience with it & thus won't touch it.

Reply by Joe Ewing on 12/7/06 1:03pm
Msg #164583

I'm an Insurance Agent that has done along with Special Events such as Rock Concerts almost every type of policy except Auto. Probably there would have to be a specific type of E & O policy writtian especally for that risk and a "blanket" liability policy wouldn't get issued if the actual duties of the NSA were known.

Ohio might end up requiring a BOND instead.