Posted by NCLisa on 7/7/08 11:29am
Msg #254336

Who has E&O Liability Insurance?

Not Notary E&O, but a straight forward E&O liability policy that covers everything other than notary errors?

If so, who is your insurance company? What amount is your coverage? And what is your annual premium?

I am asking because abstractor liability is going through the roof! Some companies are no longer providing it, and many have doubled the cost of the policy. With all the current issues with Mtg fraud and the foreclosure rate, and all the lawsuits starting up, I'm thinking that liability E&O for closings may start going way up too.

Reply by MW/VA on 7/7/08 1:51pm
Msg #254351

I never heard of E&O liability insurance. There are E&O policies for notaries, and you can, of course, purchase general business liability insurance. Do you do abstractor work? That is a different venue, and there are other issues. I'm gathering you got the newletter from Source of Title.

Reply by NCLisa on 7/7/08 2:05pm
Msg #254354

E&O is general liability, it is normally referred to as E&O. When a lender calls an attorney or settlement company to start using their services, they normally require the dec page of their E&O.

There are many different kinds you can get for loan closings, it depends on what you do, full settlement, just loan closings, full settlement including title abstracts, there are all kinds. Many of them are going way up at the renewal. I was thinking about getting E&O liability for NSA business, and for independent paralegal services work.

Reply by dickb/wi on 7/7/08 4:32pm
Msg #254362

lisa....try us notary asscn or asn...both have it...... n/m

Reply by Les_CO on 7/7/08 9:09pm
Msg #254386

Both Travelers and State Farm sell a liability E&O policy for “Signing Agents” not just notary work. Runs about $600 for 500K But that could depend on the State you are in. You need to talk with someone that knows, or is willing to find out. You can email Caramel Russell: [e-mail address] she should be able to give you some answers.

Reply by Teresa/FL on 7/7/08 9:24pm
Msg #254388

I think you're looking for Professional Liability Insurance

I have a $500K policy through a company in Florida.

Most insurance agencies can write this kind of policy. You should be able to find a company local to you. They will ask you to fill out an application detailing what type of services your business supplies and if you have ever been a party to a lawsuit.