Posted by Catherine (Kitty) Sorensen on 7/24/09 7:00pm
Msg #297328
$500k E&O Insurance
I know this has been discussed many times, but I'm not bringing up anything on the orange button. I am shopping for a carrier for $500,000, would appreciate any leads. Thank you!
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Reply by Linda_H/FL on 7/24/09 7:08pm
Msg #297330
Do a search using "Provident Funding" or any
variation thereof - may pull up something with that
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Reply by Catherine (Kitty) Sorensen on 7/24/09 8:01pm
Msg #297337
Re: Do a search using "Provident Funding" or any
Linda,
Thank you, that worked. Here's to a great weekend!
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Reply by Philip Johnson on 7/24/09 7:12pm
Msg #297331
Figure the # of closings you are going to get
from Provident and see if it is going to be worthwhile. I think you could figure between $50/$60 per 100K per year for coverage if you can find it.
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Reply by Catherine (Kitty) Sorensen on 7/24/09 8:04pm
Msg #297338
Re: Figure the # of closings you are going to get
Philip,
Yes, I agree. Dealing with TC's, two are now requiring $500k. I have been putting it off, but think soon I "need to bit the bullet". Thank you
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Reply by Dorothy_MI on 7/25/09 12:47am
Msg #297366
I work for several
TC's/SS that carry that amount and somehow have figured out how to cover me under their policy.
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Reply by Dorothy_MI on 7/25/09 12:47am
Msg #297367
This is for Provident only
Forgot to add
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Reply by PAW on 7/24/09 8:23pm
Msg #297339
Florida notaries certainly may have a problem. The maximum bond in FL is $7500. I don't know of any bonding agent that will write any more. The most E&O that I have seen is $100K.
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Reply by MW/VA on 7/24/09 9:47pm
Msg #297344
Somewbere this $500K thing is a distortion. That is the amount required of the tc or a TPL.
IMO it isn't reasonable for a NSA, and most have said it is difficult or impossible to find that amt.
I carry $100K & don't plan to extend beyond that.
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Reply by Linda_H/FL on 7/24/09 10:00pm
Msg #297349
Not even a tc or tpl, Marilynn...it's Provident Funding's requirement
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Reply by MW/VA on 7/25/09 9:43am
Msg #297389
I know it is Provident's specific requirement. I'm just saying it still doesn't make sense.
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Reply by A S Johnson on 7/25/09 10:03am
Msg #297393
My $100K is $210 for the 4 yrs of my commission term (that's the only price I could find, from Tx insurance agents or our national associations-Notary Rotary included). My question is Why $500K?
I understand a Title/Escrow/SS can require what they want from you if you want to work for them.
The only thing I can think of that I could not provide is a sample of my Notary Stamp, it can ONLY be used for an official Notary act.
And understand, many SS do NOT use me as I will not sign a contract with any kind of "non-complete" wording in it. I been there, done that. If you win you are still out he cost of defending yourself.
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Reply by Les_CO on 7/25/09 3:22pm
Msg #297414
I know of several SS’s that carry ‘Processional Liability Insurance” (not just E&O) in amounts of a million dollars plus, that have been “approved’ by Provident. In other words… the Notary that is hired by the SS is covered under the SS’s insurance umbrella. This type of insurance is not inexpensive. Plus they require a copy of the policy’s declaration page, their Closing Agent Certification form that comes in every Provident closing package, and depending on the underwriter, sometimes a letter stating that the particular Notary is covered by the SS policy. Also Provident charges over $300 for a document re-draw fee if there are ANY, (picky, picky, picky) mistakes (that ‘someone’ must pay) IMO…FAR too much of a PITA to mess with.
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