Posted by Sally Tamborski Closings On Demand on 7/15/09 9:20pm
Msg #296041

Money transfer coverage with E&O Insurance?

The E&O Insurance from NNA does not include this nor do they offer it-does anyone know where to get it? A signing company is asking if I had this. I think it is important to have coverage for settlement checks I collect.

Reply by Linda_H/FL on 7/15/09 9:29pm
Msg #296044

That sounds like professional liability ins

E&O only covers notarial errors....unless you can get Signing Agent coverage elsewhere if it's offered in your state...and I'm not sure that covers money transfer...

Reply by Linda_H/FL on 7/15/09 9:43pm
Msg #296045

Or, wouldn't it be a surety bond that covers you

handling cash?

Reply by Ilene C. Seidel on 7/16/09 3:20am
Msg #296053

put it in the search engine might find it that way

Reply by MW/VA on 7/16/09 9:20am
Msg #296072

I've never heard of that question being raised before. Are you in a TPL state with bonding requirements? Normally, we're just handling a certified check made payable to the tc. There is no really handling of funds--we don't collect or disburse funds in a "Settlement Agent" capacity.

Reply by NCLisa on 7/16/09 12:45pm
Msg #296088

Funds transfer insurance has nothing to do with NSA

assignments. It is for the electronic transfer of funds, which are wires and ACH transfers. It is something a TC or Settlement company should have, not an NSA. Collecting a check at the closing, is not Money transfer or funds transfer. It is simply collecting the closing funds.

Reply by Sally Tamborski Closings On Demand on 7/19/09 10:12am
Msg #296484

Re: Funds transfer insurance has nothing to do with NSA

Obviously I only collect checks for funds required per the HUD for transport to the title company. This is in Ohio which does not require Bonds. It was a question asked by a signing company on their sign up form.