Posted by MBCA on 5/27/06 10:58am
Msg #122683

E & O Insurance

Will carrying a policy for $100,000, increase business? I have a policy through the NNA for $25,000. Does this make a difference to the signing service, title and escrow companies? Has anyone changed to a higher policy amount and noticed an increase in business? Some signing services want you to carry $100,000 policies and then quote you very, very low fees for your work!!

Reply by LkArrowhd/CA on 5/27/06 11:04am
Msg #122685

Re: E & O Insurance-Nope in my humble opinion

They need a notary for an area, they are going to go with you whether you carry big bucks or little bucks....

Reply by Korey Humphreys on 5/27/06 11:19am
Msg #122687

Agree with Susan.......

Some SS that require a $100,000.00 E&O insurance policy overlook my $10,000.00 coverage and use me anyway. In my personal experience, even though it may be written down as a requirement, many times they overlook it.

So no, I don't think it will bring you more business. Networking, marketing, and effort will bring you more business.

Reply by Genkichan on 5/27/06 11:46am
Msg #122691

Re: On the contrary...

My $250,000 policy has helped me from time to time with securing work from certain title companies. Then again, I'm in Maryland where things are different...

Reply by Joan Bergstrom on 5/27/06 12:06pm
Msg #122692

I have a $100,000 Policy

I don't know of any signings that I have received from carry this amount of insurance. Its just a confort level with me.