Posted by Performance Title Inc. on 2/26/09 4:02pm
Msg #278815
Message Deleted
This message has been deleted by a forum moderator.
Reason: Advertising
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Reply by Christopher Smith on 2/26/09 4:07pm
Msg #278816
Re: NEEDED:Nationwide notaries with 500,000.00 E&O
500k???? why isn't that a lot?
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Reply by GA/Atty on 2/26/09 4:07pm
Msg #278817
If you cover SE Georgia, sign me up! n/m
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Reply by Les_CO on 2/26/09 4:37pm
Msg #278820
Re: NEEDED:Nationwide notaries with 500,000.00 E&O
I suggest you buy “Professional Liability Insurance” in that amount that will cover your “contract employees” under your coverage umbrella. That way Provident or anyone else requiring this coverage will be satisfied, and ALL the notary/signers that you hire/contract with will be eligible to sign/close these loans, regardless of their ‘personal” E&O coverage. There are members here (like Tony and Susan) that carry $1,000,000.00 in liability coverage just for these reasons. Also $500,000.00 E&O Notary insurance is virtually unavailable. My guess is that you can count on one hand NSA's (in non-attorney states)that carry this type of coverage.
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Reply by Lee/AR on 2/26/09 4:59pm
Msg #278822
Re: NEEDED:Nationwide notaries with 500,000.00 E&O
Les has the best idea for you. Most of us already know who that new client is and few can or will comply with the 'need' because 1) it's not generally available and 2) it is exceedingly cost-prohibitive on a notary-by-notary basis for the (how many signings per week/month/year) that you can provide to any one notary.
Wondering also....what will you be paying the few notaries who have this type of very excessive E&O insurance to complete this new client's signings? The usual? Or will the fee increase to a level commensurate with the needs of the client?
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Reply by Les_CO on 2/26/09 6:20pm
Msg #278838
Re: NEEDED:Nationwide notaries with 500,000.00 E&O
Thanks Lee! For stating things I forgot! To paraphrase Lee: If you require more than the industry standard, are you willing to pay for it?
To those Notaries out there wondering: I’ve looked into this a bit, and I have found to get the insurance coverage required (by Provident) depending on your State, costs no less than $600 plus a year. And yes there are some NSA’s that have it. I know of one lady in Ohio that carries this coverage. She gets enough Provident loans (direct, and charges accordingly) to justify the expense. It’s your business….call your insurance agent (he could use the money) get the coverage (can’t hurt) and maybe…you’ll recover your expense someday? Chalk it up to advertising. Me…. I’ll pass. I can think of no way directly attributed to my negligence as a signing agent, or Notary that the signer/borrower could suffer $500.000.00 worth of loss. Maybe a re-draw of docs, maybe a rate lock loss, but a half a million bucks? No way! Just BS thought up my some moron. IMO!
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Reply by wyse/va on 2/26/09 5:04pm
Msg #278823
Re: NEEDED:Nationwide notaries with 500,000.00 E&O
Sign me up too
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Reply by MW/VA on 2/26/09 5:21pm
Msg #278827
Re: NEEDED:Nationwide notaries with 500,000.00 E&O
Les in CO said it best. We've had many discussions of th 500K E&O requirement. It isn't realistic for a notary to obtain that. It appears that it comes from companies wanting to share the $1Mil liability so they don't have to carry as much. The 500K requirement is going to cause you a lot of problems. As Les said, there probably aren't a half-dozen notaries that carry it.
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Reply by Marian_in_CA on 2/26/09 5:31pm
Msg #278829
Re: NEEDED:Nationwide notaries with 500,000.00 E&O
I'm with the others... not only is $500K of E&O pretty much impossible to get, the cost is far too high for most of us to deal with. And then... there's the question, what *KIND* of E&O insurance? Do they want Notary, Signing Agent or just general business?
One of the keys to assessing insurance needs is to look at industry norms... and it's normal to carry up to as much as $100K of Notary E&O, but that doesn't cover signing agent work. Carrying $500K of Notary E&O Insurance is just plain crazy unless you have very specific reasons for doing it. There are some who do, but they all have good reasons.
And going to the extra expense of obtaining the insurance may not pay for the possibility of extra work with the lone lender that requires the $500K amount.
As Les and the others point out... the $500K should be covered by you as a signing service, not by the notary.
General business liability insurance is actually cheaper than E&O insurance in many cases.
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Reply by Dennis D Broadbooks on 2/26/09 6:16pm
Msg #278837
Commercial General Liability Insurance...
...isn't discussed much on this board & as you say, Marian, is relatively inexpensive. I'd venture to say there's an equal or greater chance of a Notary doing physical damage to a borrower's property as there is having an E&O claim made against them. All it would take is to accidentally knock an expensive antique vase off of a table or shelf & you could be looking at some serious dollars in certain borrower's homes. A $1 mil CGL policy runs $250 per year here in MO.
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Reply by Linda Juenger on 2/26/09 6:36pm
Msg #278839
Dennis, will it cover the borrowers mailbox I hit backing
out of their driveway? lol It was raining so hard, couldn't see worth a darn.
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Reply by Marian_in_CA on 2/26/09 6:40pm
Msg #278843
Re: Dennis, will it cover the borrowers mailbox I hit backing
Linda, general business liability should cover that, yes... or your auto insurance might, too.
Of course, you'd want to consider the deductible and everything else as you would auto insurance. Replacing a mailbox isn't that expensive, is it?
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Reply by parkerc/ME on 2/26/09 6:42pm
Msg #278845
Re: Dennis, will it cover the borrowers mailbox I hit backing
Glad to hear I'm not the only one who backs into mailboxes. In my case, it was the BO's neighbors' mailbox when I went past the BO's driveway. In my SUV, in the dark, with snowbanks all over. Sigh.
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Reply by parkerc/ME on 2/26/09 6:44pm
Msg #278847
Re: Dennis, will it cover the borrowers mailbox I hit backing
In my case, it would be a fancy mailbox all nicely bricked in! Auto insurance covered it to the tune of $400.
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Reply by sue_pa on 2/26/09 6:50pm
Msg #278849
Re: Dennis, will it cover the borrowers mailbox I hit backing
I slid into one last fall. I was PI$$ED. Their driveway was a huge hill. It was filled with cars at the top and I couldn't turn around. It was raining. It was covered with leaves. They had these stupid spotlights on the driveway that totally blinded me. I started to back down and felt myself slide just like it was ice. I slid off the edge and down over an embankment. They paid for the mailbox, my son installed it.
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Reply by parkerc/ME on 2/26/09 6:56pm
Msg #278853
Re: Dennis, will it cover the borrowers mailbox I hit backing
I hate trying to find a place to park when there's no room in the BO's driveway and the snowbanks are so high you're practically in the middle of the street if you park in front of the house. Maybe I should just not do signings in the winter and head to FL instead for that time!
lol
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Reply by Linda_H/FL on 2/26/09 5:54pm
Msg #278832
Does this client realize that Notary E&O Insurance is no
protection for them against anything the notary does wrong through the signing package? If the claim is not due to a direct notarial error there's no coverage...
I agree with the other poster that if they're going to allow NSA's to close the loans, your company should be looking to extending your liability coverage to your subcontractors - us - that at least would provide the coverage required for errors in the loan signing.
JMHO
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Reply by aatatusko on 2/26/09 6:00pm
Msg #278834
TROLL ALERT !!!!!!!!!!!!!!!!! n/m
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Reply by Cam/CA on 2/26/09 6:15pm
Msg #278836
Re: What do mean troll alert? I've worked with Performance
Title several times. They can call me anytime.
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Reply by Melody Amirehsani on 2/26/09 7:12pm
Msg #278857
Re: NEEDED:Nationwide notaries with 500,000.00 E&O
I am in Fremont, CA and am available. Please add me to your database. Thanks
[e-mail address]
Melody
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Reply by Cari on 2/26/09 7:13pm
Msg #278858
seriously? why? n/m
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