Posted by Russell on 6/11/06 6:44pm
Msg #125299

E+O insurance coverage ?

I'm just starting up as a Signing Agent and my husband is in the Mortgage Business so he was able to speak to a couple Title companies that he works with and found out the are in quite a need for Closers and would even provide me with training. I've been told by 2 of the Title companies that I will need E+O insurance. I'd already had plans to get it so I went ahead and purchased the max you can get from the National Notary Assoc. website. 100K. I then called up one of the companies and told them I have my insurance and the woman told me I need 300K. HUH? If 300K was so common then why doesn't NNA have it available to purchase? So then today we had a family day out and we bumped into a woman that owns another Title company that has been trying to get my husbands company he works for to use them for Title work. I mentioned to her that I'm a Notary Signing Agent and asked if she was in need of Closers, she wasn't at the time but told me that I'd need my E+O insurance. I asked her what amt was needed and she told me 500K, I couldn't beleive it. I told her about what was on the NNA website and that I'd already purchased it and she game me the website for TitlePac.com. Not sure if this is what I need since there was a section in the website that mentioned $3500 for a year for E+O for the lowest amount. I can't beleive the difference between NNA's $104/yr for 100K versus $3500. I'm starting to think if this is the Title companies requirements then no wonder they are having a tough time finding Closers. I'm still determined to get into the field but gonna have to figure out how to come up with $3500 is gonna be tough if this is the case.

If someone out there reading this can enlighten me and tell me whats up then I would be greatful.

~K

Reply by BrendaTx on 6/11/06 7:49pm
Msg #125305

Re: E+O insurance coverage - Hi Russell ~K...

Check this site for E&O Notary Insurance. You should be good if you have $100,000 for about anything you do.

Look for other work if they are hard and fast on that.

Reply by PAW on 6/11/06 9:37pm
Msg #125325

Title closers do a lot more than what a Notary Signing Agent does. I'm guessing that the title companies are looking for what they call a "closer", and having $300-500K E&O (and more!) is not all that uncommon, for title closers. There's a lot at stake. A Notary Signing Agent would be hard pressed to get title agent E&O, and their Notary E&O Insurance wouldn't cover 95% of what they do. Your Notary E&O Insurance only covers your notarizations, nothing more.