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Posted by Harry [NR] on 6/10/10 9:54pm
Msg #340498
Signing Agent Errors and Omissions Insurance Now Available
Signing Agent E&O Insurance is now available in over 35 states. As you may already know, a normal Notary E&O policy ONLY covers notarial mistakes - things related to specific notarial acts - which represent a subset of the potential mistakes or omissions that could occur in connection with a real estate signing. As such, this coverage is fairly limited.
Signing Agent E&O, on the other hand, broadens the coverage to include activities performed by the signing agent that are not necessarily notarial acts. It also offers higher policy limits. These policies feature aggregate coverage up to $250,000, a modest deductible, a claims-made provision and are offered in excess of any other applicable coverage you have.
To learn more about Signing Agent E&O, please visit our store. Here is a list of states it's currently available in:
AL, AK, AZ, CO, DE, GA, HI, ID, IL, IN, IA, KS, KY, ME, MD, MA, MI, MS, MO, MT, NE, NV, NH, ND, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WA, DC, WV and WI
Harry
Notary Rotary
P.S. Like our Notary E&O, if you select the free electronic delivery option, your policy will be issued and provided to you the same day in most cases.
| Reply by Claudine Osborne on 6/10/10 10:27pm
Msg #340501
Awesome..Thanks Harry!
| Reply by Paul2_FL on 6/10/10 10:31pm
Msg #340503
When are you going to have E&O Insurance for Florida? I need to renew soon!
| Reply by Ernest__CT on 6/10/10 10:33pm
Msg #340504
That makes at least 2 states in need: FL and CT! n/m
| Reply by NCLisa on 6/10/10 10:51pm
Msg #340509
And NC? n/m
| Reply by John/CT on 6/12/10 11:15am
Msg #340668
So, any possibility of adding CT? n/m
| Reply by Harry [NR] on 6/11/10 12:12am
Msg #340518
We have the normal Notary E&O Insurance insurance available in Florida (and all 49 of the other states) - just not Signing Agent E&O at this time.
Harry
Notary Rotary
| Reply by kathy/ca on 6/11/10 12:46am
Msg #340519
Harry, we need it here in CA!!!!! n/m
| Reply by kathy/ca on 6/11/10 1:00am
Msg #340520
If I read this correctly, insurance must be effect both when
action occurs AND when the claim is made: "The policy is a claims-made policy, meaning both the basis of the claim and the filing of the claim must occur while the policy is in force." which to me sounds like once your insurance coverage has expired and a law suit is filed against you, even if you were covered when the act occured, you arent covered, is that correct?
In other words to be sure nothing in the future could come back on you, you would have to buy this insurance forever. I dont believe that is the case in the E & O insuance provided here but may be I am wrong.
| Reply by Harry [NR] on 6/11/10 1:37am
Msg #340521
Re: If I read this correctly, insurance must be effect both when
Yes, that is correct and that is how many professional liability policies work. With claims-made policies, there's sort of an expectation that you will continue to renew coverage under the policy from one year to the next, which provides for continuous coverage while the policy is in-force.
If you retire, resign your commission, stop doing signing agent work, etc., it's possible to purchase "tail coverage," which would extend the reporting period by, say, 1, 2 or 3 years. I would need to check with CNA/Western Surety to see what the cost of adding an extended reporting period would be, though it is an option.
Harry
Notary Rotary
| Reply by kathy/ca on 6/11/10 2:09am
Msg #340522
Thx Harry, your E & O insurance is not claims made though
is it? If I understand it correctly, It is "occurance" based which means as long as the act was performed while the insurance was in effect you are covered at a later date even if you do not have current coverage at that time, correct?
I do have a question though and that is, what is meant by .....only if claim, suit or other action arising threrfrom is commenced within the applicable statute of limitations pertaining to the insured?
This statement is under "Policy Period" of your E & O insurance policies and I have been curious to know what that means. thanks in advance for an explanation.
| Reply by Harry [NR] on 6/11/10 3:44am
Msg #340523
Re: Thx Harry, your E & O insurance is not claims made though
We're talking about 2 different products, I think.
Our Notary E&O Insurance
Occurrence-based. Covers actions falling within the dates of coverage provided such actions are reported/pursued within the timeframe allowed by law. If you innocently botched a notarization today, your policy expired tomorrow, and someone sued you the following day, you would be covered. However, if they tried to sue you 6 years from now, they could be beyond the timeframe allowed by the state (or statutory authority) for such a grievance, in which case the policy would not pay. Policies through CNA/Western Surety and Merchants Bonding.
Our Signing Agent E&O Insurance (not currently available in CA)
Claims-made. Covers actions falling within and reported during the dates of coverage. Policies should be renewed to avoid loss of coverage for prior acts. If leaving the field, purchase of tail coverage (a.k.a. an extended reporting period) should be considered. If you innocently botched a signing today, your policy expired tomorrow, and someone sued you the following day, you would NOT be covered unless you had previously renewed your policy or purchased tail coverage. From 3-4x as expensive as Notary E&O (which, by industry standards, is dirt cheap.) Policies through CNA/Western Surety only.
Harry
Notary Rotary
| Reply by kathy/ca on 6/11/10 10:59am
Msg #340553
Re: Thx Harry, perfect explanation! How does one know what
the "statute of limitations" are for a given state? Is there a set period of time for each state?
Thx again!
| Reply by Linda_H/FL on 6/11/10 11:06am
Msg #340555
Kathy...it varies state by state and
from one type of "claim" to another...for example, a personal injury lawsuit may be required to be filed within 2 years of the date of incident, where a medical malpractice may be 3-4 years from the date....or collection may be only one year..(only examples, not fact)
My suggestion...google "CA Statute of Limitations" - see what you come up with
| Reply by Linda_H/FL on 6/11/10 11:09am
Msg #340557
Try this..this explains it very well
http://www.expertlaw.com/library/limitations_by_state/California.html
| Reply by kathy/ca on 6/11/10 12:20pm
Msg #340565
Thx Linda, very helpful, I love this board, so much great
info!
| Reply by NCLisa on 6/10/10 10:55pm
Msg #340511
I see why you'd need it in SC since only attorneys are permitted to close real estate loans.
| Reply by PAW on 6/11/10 7:30am
Msg #340524
Is the policy a general business policy or specific to loan signing activities? The reason I ask is because many signing agents also perform general notary work. While the Notary E&O Insurance will specifically cover the actual notarization piece, there is also a general business liability when presenting non-real estate/loan documents, such as Wills, Powers of Attorney, etc.
Personally, I carry an additional $1 million policy to cover the things that aren't covered by the Notary E&O.
| Reply by Harry [NR] on 6/11/10 1:36pm
Msg #340578
Specific to real estate transactions, so nothing else is covered. Someone who has a wide and varied notary practice should really have a more generic professional liability policy. In most cases, that policy would probably be separate from a business owners/general liability/slip-and-fall type policy and would likely be considerably more expensive.
Harry
Notary Rotary
| Reply by Gary Boehm on 5/1/13 1:36pm
Msg #468093
Signing Agent Errors and Omissions Insurance Now Available
I'm not sure this will get seen since this is an old thread. But from what I read here I need BOTH Notary E&O Insurance Insurance and Signing Agent E&O Insurance? I also do Auto and Boat Titles and Debt Settlements. And then I guess I should have business Insurance on top of all that?
| Reply by MW/VA on 6/11/10 8:43am
Msg #340536
Thanks, Harry, for giving us another option. NR is great! n/m
| Reply by Robert Riedling on 5/18/11 1:38pm
Msg #383553
Where would i call to see how much premiums would be and difference in the policies ?
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