Posted by Donna LaBelle on 7/19/08 3:11am
Msg #255889

E&O- what amount do you carry

and why did you choose that amount? I am just curious because I am getting ready to syart renewing everything. Thanks

Reply by Mung/CA on 7/19/08 3:17am
Msg #255890

Aahhhhhhhh, a fellow night owl like myself1 100K n/m

Reply by Donna LaBelle on 7/19/08 3:59am
Msg #255891

Re: Aahhhhhhhh, a fellow night owl like myself1 100K

and what made you choose that amount?

Reply by Lee/AR on 7/19/08 6:42am
Msg #255897

some things to think about

Getting a large E&O policy is like painting a "deep pockets" target on your back. Lender is more than happy to spread the liability around. Small print in E&O policy allows insurer to determine whether to pay or fight. Given the cost of going to court, they usually opt to pay whether or not 'you done it'. Sometimes, you won't even know a claim has been made until it's been paid--and your premium goes up. General business liability is probably a better deal for you.

Reply by Julie/MI on 7/19/08 6:47am
Msg #255899

I have $8,000 that came free with my required bond. My state laws say notary error does not invalidate a document.

I have been involved in the title business since 1983 and see no personal need for a penny more of insurance. Since I've been around notary boards since 2001, I cannot say I have ever read about any claims made and on a notary e & O policy.

Reply by 101livescan on 7/19/08 8:56am
Msg #255906

In order that I may be qualified to work for the largest title and escrow companies in Southern California, I am required to have $100K E&O, and I have purchased this policy for two commission terms. In this way, I am an approved vendor for the big Title/Escrow companies. It's their standard. The premium has increased substantially for this level of coverage, in 2009 when I renew my commission, it will be much more to acquire. So, if I'm still in this business in 2009, I'll bite the bullet and get $100K coverage for another four year commission term. In Santa Barbara and San Luis Obispo counties where I work, it wouldn't take much to incur this kind of liability due to the cost of homes here. But in 32 years, I've never had an issue and don't anticipate I'll ever need it (at least I pray I'll never need it).

Reply by Linda_H/FL on 7/19/08 9:50am
Msg #255908

Question about this...just something to toss around

First of all, to answer the question, I carry $100K and chose that amount because I own a home and want to give that at least some protection.

My question is....since standard E&O policies cover notarial errors only, wouldn't it be more financially feasible to take the premium for that standard policy and put it toward the premium for a general liability policy or more specific E&O policy that will provide coverage for notarial errors AND anything done during any general notary assignment or loan signing.

Not knowing any better when I took my initial E&O policy for 4 years, I have the standard policy, however on renewal I may look into a more comprehensive policy.

Just my thoughts...curious to hear all of yours.

Reply by LKT/CA on 7/19/08 10:48am
Msg #255917

Re: Question about this...just something to toss around

<<<<First of all, to answer the question, I carry $100K and chose that amount because I own a home and want to give that at least some protection.>>>

Meee too! A $600 four year E & O policy costs $12.50 per month. Most people waste $12.50 eating out every month - whether fast food or restaurant - so to protect my assets, I'm willing to spend the $12.50 per month. In this business, it's better to have it and not need it, than to need it and not have it.

Reply by CF on 7/19/08 3:48pm
Msg #255977

LKT- is yours general liability E & O? n/m

Reply by LKT/CA on 7/19/08 8:21pm
Msg #256014

Re: LKT- is yours general liability E & O?

My policy is just for "notarial service". My policy didn't cost $600. I just used that nice round number for an example on the high end.

Reply by Richard Goodwin on 7/20/08 10:12pm
Msg #256075

I carry $50,000 E & O but I also carry $1 million umbrella liability coverage for my home, auto and "business interests".