Posted by MonicaFL on 5/26/10 9:15am
Msg #338292

Just curious - for SS's

Let's see if they answer this one. Do you have to post a bond when you are opening and/or operating a company?

Reply by Ilene C. Seidel on 5/26/10 9:17am
Msg #338295

No Monica generally not. They can operate without a business license in most states and there is no recourse when they go out of business.

Reply by Sylvia_FL on 5/26/10 9:50am
Msg #338302

No:)

Reply by Calnotary on 5/26/10 10:04am
Msg #338306

Some of them have one million dollar liability coverage.

Reply by Ilene C. Seidel on 5/26/10 10:28am
Msg #338315

That's for the title company, not if they scam us and even if it did cover us do you think the ss would give us the insurance company name?? ha ha

Reply by MonicaFL on 5/26/10 10:40am
Msg #338317

Well, if that did have to post a bond then it shouldn't be too hard to find out who the carrier is by going thru the SOS's office. Just a thought on this - just trying to figure out another way for people to get paid.

Reply by LeeA on 5/26/10 12:40pm
Msg #338332

All states you must register as a business. It is call a Does Business As. It is a miss undestanding that Signing Companies don't have to carry any kind of insurance or expenses.

I can tell you that most are requried by the title company underwriters to carry Professional Insurance of at least 1,000,000.

Reply by Susan/CO on 5/28/10 6:07pm
Msg #338879

Sorry for the late response, but we don’t have time to read all the boards EOM.
No bond is required in Colorado, where our business is located.
We as a business carry $1,000,000.00 liability Insurance. This insurance coverage extends to our ‘approved’ notaries in some cases (like Provident loans)
I don’t think our insurance would cover non-payment of our contracted notaries, I don’t know because it has never come up. We always pay our contracted notaries.