Posted by Brian McAmis on 10/15/08 5:38pm
Msg #267420

E & O Insurance

Do I have to have E & O Insurance since some of these companys ask for a copy

Reply by Marian_in_CA on 10/15/08 6:02pm
Msg #267422

If you want work...

from a company then you really should have E&O insurance. Is it required to be a notary? No it isn't. However, companies who hire you for loan signings may require it.

You really should have it anyway.

Reply by Philip Johnson on 10/15/08 6:09pm
Msg #267423

It looks like that $10000 Surety bond is required

($10,000.00) Notary Public-at-Large Surety Bond is required in Rutherford county (Murfreesboro). So I assume it is a requirement in the rest of the state. How did you get your seal without this?

Reply by Marian_in_CA on 10/15/08 7:06pm
Msg #267427

The bond and E&O are two different things. The bond is often

required and is only for protection to the public for damages. It doesn't cover the notary. E&O insurance covers the notary.

If you're in business for yourself, it's best to have at least E&O, if not a more encompassing business insurance and even an umbrella policy. It all depends on how you set up your business, too. With notaries it can be tricky, though, because in most states notaries can be held personally liable (even criminally) no matter their business format.

That's why a lot will carry $100K E&O. A four-year, $100K E&O policy will cost just at or below $10 a month. Even if you buy it a year at a time, it will cost about $13 a month. That's a small price to pay for that kind of insurance.

Reply by kathy/ca on 10/17/08 10:04am
Msg #267581

"Notaries can be held personaly liable (even criminally)",

I shudder to think that is true if we do our job correctly, and If someone handed us a fake ID that looked like the real thing, they are the criminal, not us. So, I guess my question is, how could we be held liable, either criminally or otherwise? But in any event, I would not be without E & O insurance.

Reply by Zenovdia Love Huckleberry Notary on 10/16/08 10:29am
Msg #267453

I purchased a 25,000 E/0. Company's may ask due to liability issues..