Posted by Stamper_WI on 9/3/07 12:48pm
Msg #209194

Why you should have E&O

Even though you are a neutral 3rd party, a lot of lawsuits will name anyone attached to the chain of events. All it takes is a desparate homeowner to say you said or did something and you will need an attorney. Remember, you are often the only face to face person they met in the whole process. Says even more about keeping a journal.

http://money.cnn.com/2007/08/16/real_estate/here_come_the_judgements/index.htm?postversion=2007082106

Reply by Sylvia_FL on 9/3/07 1:15pm
Msg #209195

Zana
E&O insurance will only protect against notary errors and omissions.

Reply by Stamper_WI on 9/3/07 1:23pm
Msg #209196

"my Bad"

You are right. I had E&O as a Realtor and was named on a lawsuit the borrowers had against the owner. They had bought a lot in the country and the water came up bad when they drilled their well. The court quickly dismissed me from the lawsuit but the E&O was activated and provided the attorney. The attorney showed the court basically that I did comply with all requirements on my end. My point is that, yes, you can be named in a lawsuit.

Reply by Dennis D Broadbooks on 9/3/07 2:18pm
Msg #209198

"Technically"...

...you were correct in your first post because you didn't specify "Notary" E&O; you just stated "E&O". There's professional Errors & Omissions coverage you can purchase which covers more than just Notarial acts although it's expensive relative to Notary E&O. However your statement could be misleading as most on this board would assume you're referring to Notary E&O Insurance which as Sylvia points out only covers Notary Public related activities.