Posted by Sharon S. Young on 3/30/06 9:35am
Msg #109712

$100,000 E & 0

I currently have only $15,000 E & O. I have been out on the street knocking on escrow offices' doors recently. Twice I heard that you have to have $100,000 E & O. Has anyone else run into this?

Thanks,

Sharon

Reply by kkdmiddleton on 3/30/06 9:40am
Msg #109716

Depends on where you live. In MD, you have to have a

Title Producers lic with requires a min. of 250,000 E&O, plus a 100,000 Fidelity policy.

Reply by JD/MD on 3/30/06 10:05am
Msg #109726

Re: Depends on where you live. In MD, you have to have a

"Depends on where you live. In MD, you have to have a
Title Producers lic with requires a min. of 250,000 E&O, plus a 100,000 Fidelity policy."

I do not believe there is any requirement in Maryland to have E&O insurance to be licensed. If you could direct me to where on the MIA site you got your information I would appreciate it. You do have to have $100,000 a surety bond to get licensed, but if you have no employees you can get a waiver so you do not need the $100,000 fidelity bond.

Reply by kkdmiddleton on 3/30/06 10:18am
Msg #109734

Sorry, I was mistaken. Thanks for the info. n/m

Reply by Les_CO on 3/30/06 9:44am
Msg #109717

The difference in premimum between 15K and 100K is almost negligible in the scheme of things. It's mostly just to let your potential customers (the people you will be getting jobs from) that you're serious.

Reply by CalimnCA on 3/30/06 10:26am
Msg #109738

$100,000 E & 0 Ran into this yesterday

I had this scenario yesterday with a division of Chicago Title. I do closings for two RE agents I know and they always use Chicago Title, well this was a different division of Chicago title and I was asked to provide a $100,000 E&O policy. Then you have to be put on the approved notary list. I have been told that this is the norm for a lot of title companies now, apparently due to fradulent activity in the past???

Reply by Les_CO on 3/30/06 10:34am
Msg #109744

Re: $100,000 E & 0 Ran into this yesterday

I think (only my opinion) that 100 thousand has a nice 'ring' to it. If you read the exclusions in the standard O&E policy you'll find it's almost worthless. But it sort of sounds nice "All our Mobile Notaries must carry 100 grand insurance!" Free for them, so who cares?