Posted by Karen/OK on 9/10/07 8:13pm
Msg #210235

E & O Insurance

What is an appropriate amount of coverage for E & O for a NSA only? The only postings I could find on this site were two years old and am wondering if those opinions have changed. Have any of you ever had to collect on your insurance? I ask this only to see if your insurance amt. was enough.

Reply by Deb_CO on 9/10/07 8:26pm
Msg #210236

Only *you* will know for sure. How much do you have to protect? Are you prone to errors or do you know your notary law cold? Do you have excellent clients that require a certain amount of coverage ( I know, kind of silly, as it protects you, not them Also bear in mind a notary E & O policy will only cover your notarial acts, not any information you provide acting as a signing agent - that would be an entirely different type of coverage.

Reply by Laura Vestanen on 9/10/07 9:56pm
Msg #210246

Deb is entirely correct.

Another issue to consider:

It can be expensive to defend yourself in a lawsuit, even though you are 200% innocent.

I wouldn't go less than $50K for Notary E&O Insurance insurance. Even if I had zero assets.

Reply by Ilene C. Seidel on 9/11/07 11:35am
Msg #210310

I'm in business 7 years full time and carry $25000.00. I would recommend $50000.00 it's not much more and worth the security. NNA offers it.

Reply by Karen/OK on 9/13/07 12:19pm
Msg #210755

Thank you for your responses. I opted for $50,000. Then, I received an e-mail from Lenders First Choice (title co.) asking me to sign up with them, but if I carried less than $100,000. in E&O, not to bother. Why would they care what my coverage is?