Posted by aries/CA on 6/9/11 1:38pm
Msg #385690

Provident Funding Assoc.

Do any of you have a $500k E&O Insurance and do signings for this company? If you do, what E&O Insurance company did you go through? Notary Rotary only has up to $100k and checked another association I belong to, and they only go up to $100k.

Why do some companies require $500k, when $100k should be enough?

What are your thoughts? TiA

Reply by Linda_H/FL on 6/9/11 1:40pm
Msg #385691

Because, IMO, Provident doesn't realize the limitations of the coverage for Notary E&O Insurance (notarial errors only) - to me, $500k is excessive for the coverage extended.

Check with the SS or TC contracting you - they may cover you under their umbrella policy.

Reply by Les_CO on 6/9/11 2:20pm
Msg #385695

What they really want is professional liability insurance that is available almost everywhere (for a price) I only do Provident loans through my favorite SS (First Preference) that covers me with their million dollar liability insurance. I’m not about to spend $3000, for a couple of loans a year. Provident people have no clue about the real world. JMO

Reply by Teresa/FL on 6/9/11 5:02pm
Msg #385712

My 500K E&O is less than $700/year

I agree that Provident doesn't really understand the limited coverage this insurance provides, but if you do many Provident loan closings, it can pay off.

Most TC's will not cover independent contractors under their insurance and even some SS do not extend their insurance to cover the notaries they hire.

I have this coverage through an Insurance Agency in Florida and don't know if they can write policies for coverage in other states, but send me an email or PM if you would like their contact info.