Posted by Anonymous on 6/8/06 8:47am
Msg #124732

Question on E&O

I am a newbie, but before anyone cuts me down, I want to say I have done some research but I know I have a long way to go. I just have a question about E & O insurance. I know what it is and everything, but I was wondering what company you would reccomend using? All companies say they are the best, but I want to know the truth about them before I give my money. I was also wondering about bonds. My state (SC) does not require them, but I am thinking of getting one. again, good and bad companies?
I have read a lot of the scathing posts to the newbies, and I must say I agree with a lot of them, a business is a lot of work.

Reply by cyndi_ca on 6/8/06 8:49am
Msg #124733

Got mine here. Good Luck n/m

Reply by Poppy on 6/8/06 3:51pm
Msg #124811

If your state doesn't require a bond, I would think as long as you obtain E&O insurance there would be no reason for a bond... Hopefully someone will correct me if they see something I don't see. The bond is for the protection of the public and any amounts paid out on your behalf from the bonding company would have to be paid back by you.... Hopefully through your E&O insurance, so it seems like the bond would be overkill...

Reply by PAW on 6/8/06 6:25pm
Msg #124840

E&O protects YOU - your BOND protects the PUBLIC

Q: Who is covered by the bond?
A: The person who may incur a loss as a result of a notary's misconduct. This bond is not insurance for you and will not protect you from a lawsuit. Each Notary Public is personally liable for negligence or fraud in the performance of the duties of the office and is also subject to criminal prosecution. The bond is to insure that the person injured can recover at least the bond amount ($7,500 in FL), but this does not protect the Notary Public from personal liability for the full extent of damages caused by a breach of official duty.

Notaries may purchase optional Errors and Omissions Insurance to protect themselves from claims. This form of insurance will pay amounts which the Notary is obligated to pay by reason of liability for breach of duty while acting as a duly commissioned Notary Public, that involve any negligent act, error or omission alleged or committed by the insured Notary, arising out of the performance of notarial services for others. Any dishonest, fraudulent, criminal, libelous, slanderous or malicious act or omission is excluded. Consult an insurance agent for clarification.