Posted by Les_CO on 5/13/08 10:46am
Msg #247245
Ohio Notary Signing Agerts?
I have been checking which States require a bond, or not, and E&O insurance, or not, or both?
It seems to me that I remember that there was some law passed in Ohio that required people doing closings to have $50,000 in E&O or labiality insurance? Anyone know?
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Reply by Joan_OH on 5/13/08 11:57am
Msg #247259
The new law affects title companies more than us. In short, all subcontractors of the title company must carry $50K E&O or the title company is on the hook for us. This includes notaries and abstractors, etc. Further clarification by our Deptment of Insurance indicates they are NOT talking about NNA E&O, but a Liability E&O product. Most title companies are just covering us under their policy with the NNA type of E&O being the underlying policy. Recently, I heard that Stewart sent out a memo to their agents telling them they had to verify we had the proper type. I have not been able to confirm it.
I will attempt to email you the Ohio Revised code and ODI Q&A sheet for clarification/confirmation.
Travelors and State Farm both sell this type of Insurance in the state of Ohio. I personally carry $500K
I will email you the ODI paper.
Joan-OH
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