Posted by JandB on 10/27/09 1:20pm
Msg #308854

Equifax is requiring increased E&O

I rec'd a email from Equifax the contained the this statment: "It is now required that all Equifax Settlement Services notaries in the state of Pennsylvania must carry an Errors & Omissions insurance policy with a minimum coverage of $100,000." Is this just for PA notaries? How much E&O insurance do other states require?

Reply by LisaWI on 10/27/09 1:30pm
Msg #308856

In Wisconsin, not required, but recommended.

Reply by JandB on 10/27/09 1:30pm
Msg #308857

Oops! Proofreading was never my strong point. Sorry.

Reply by LisaWI on 10/27/09 1:33pm
Msg #308858

Re: LOL, did I miss something?? n/m

Reply by JandB on 10/27/09 1:38pm
Msg #308860

Re: LOL, did I miss something??

No. I did. The first sentence in my original post is a bit messed up.

Reply by JanetK_CA on 10/27/09 3:39pm
Msg #308874

Questions for attorneys or others re: E&O

It seems like there has been an increase in requests for higher and higher E&O insurance coverage amounts. Does anyone know if there has been an increase in claims against Notary E&O Insurance insurance? Frankly, it wouldn't surprise me much, based on what I've seen of other notaries' work, but it still disappoints me that this is going on.

Reply by Lee/AR on 10/27/09 5:11pm
Msg #308888

Re: Questions for attorneys or others re: E&O

Don't know if there has been an increase in claims against notary E&O, however, often in a lawsuit, they file it against everybody involved--just because they can. Then your E&O carrier decides (oh, yes, them/not you) whether to pay their portion or fight. As it's usually cheaper to pay, that's what they do, thereby DEcreasing the amount that has to be paid by the other parties. So, it makes financial sense for Lenders/TC to want you to be a bigger target...and pay for the privilege.

Reply by JanetK_CA on 10/27/09 6:07pm
Msg #308901

That's what I thought...

And one of the reasons why I decided to not go for a big amount last time I renewed. I just don't see the need to paint a big arrow on my back. I'm not aware of any lost business as a result, but I guess ya never know...

Reply by MW/VA on 10/27/09 8:50pm
Msg #308920

Sounds like XYZ may be using some of their tactics to convince co's. that $100K is necessary.

Reply by Maranga Ink Resources on 10/27/09 9:19pm
Msg #308927

As a very personal matter, this company expressely called me asking if I am still a Notary Public having Bankruptcy. They did not offer a signing, I felt a slap on my face.

Reply by Jim/AL on 10/28/09 1:21pm
Msg #308989

Say what Maranga? Bankruptcy question....

"called me asking if I am still a Notary Public having Bankruptcy."

I am confused, do you mean they knew of a bankruptcy you had? If so, how?

Why would they think a bankruptcy would change your notary status?

Reply by Maranga Ink Resources on 10/28/09 2:26pm
Msg #309001

Re: Say what Maranga? Bankruptcy question....

Hi
Trully I do not know. the NNA Screen Background doenst show the Bankruptcy and I did not fax it to them So where they got the info? Do not know
I know Bankruptcy doesnt change the status of my seal. Is not a Criminal Offense is mostly a Consumer Protection.
What they had on mind is my concern.

Reply by Linda_H/FL on 10/28/09 3:18pm
Msg #309007

Maybe another company that does credit checks on

the notaries they contract with?

Reply by MW/VA on 10/28/09 5:38pm
Msg #309028

Re: Say what Maranga? Bankruptcy question....

I'm not getting this unless they thought you were an ss that had gone out of business.
I don't think I would have even answered the question on the phone. It has no bearing on your notary status.