Posted by Karla/OR on 9/4/11 2:29pm
Msg #396324

E&O

I've read all the posts under the search of "Insurance."

1) I understand basic E&O does not cover civil law suits, does SA E&O?

1) Does SA E&O cover JUST SA stuff or general notary stuff as well?

2) I have contacted two local insurance companies asking for E&O quotes (to compare with Not/Rot and NNA). Neither has called back! For those that have been in business a while, do you get your insurance from Not/Rot, from NNA, or from outside of these sites?

Your responses are appreciated.

Reply by Lee/AR on 9/4/11 2:44pm
Msg #396326

To the best of my knowledge, there is no such thing as SA E&O. "Standard Notary E&O" does cover notarial errors, omissions. It does not cover signing agent duties/errors, etc. What many do is to obtain General Business Liability Insurance for this.

Reply by Linda_H/FL on 9/4/11 2:50pm
Msg #396328

Yes there is Lee - it's sold here for select states... n/m

Reply by John/CT on 9/4/11 2:53pm
Msg #396331

Including Oregon n/m

Reply by Lee/AR on 9/4/11 3:14pm
Msg #396334

oops...sorry, never saw it. Nice to know. n/m

Reply by Marian_in_CA on 9/4/11 2:50pm
Msg #396329

I agree... a basic Notary E&O Insurance plan is okay to have. But your best best is to get a general business liability plan. In many cases, especially if you're in an area with high property values, an umbrella policy is also a good idea. Business insurance is pretty cheap considering what you get.

Plus, if you're in a state that requires a bond... you BETTER have insurance to cover the bond plus attorney's fees if there is a claim filed on the bond.

Reply by Karla/OR on 9/4/11 3:04pm
Msg #396332

Are you saying buy general business liability instead of basic notary E&O, or both????? And buy SA E&O as well? Sorry for the obvious confusion on my part.

Oregon does not require a bond.

Thanks.

Reply by Marian_in_CA on 9/4/11 3:25pm
Msg #396339

I think that's up to you... many business insurance agents will bundle E&O with other liability policies. I'm not an exper on this, but from what I've been told, it's important to have both.

Reply by Karla/OR on 9/4/11 10:32pm
Msg #396365

Thanks Marian - you are always so kind and considerate with your replies, not to mention you provide info that is constructive. There are so many mean and uncivil people in this world that say things to make you feel crummy just so they can feel good about themselves. Glad you are not one of them.

I'm a fan!

Reply by Sunny Houston on 9/5/11 1:14pm
Msg #396408

Has anyone ever been sued, and have a claim submitted to thier E&O ??

Thanks

Reply by Les_CO on 9/4/11 3:25pm
Msg #396340

Considering you’ve gotten several easy-to–find-out-by-looking correct answers to your post and you still don’t have a clue? Are you sure you want to pursue this line of work?
To be a NSA and to handle peoples personal and financial information, and be responsible for documents pertaining to most folks single largest investment, takes at least being able to walk and chew gum at the same time. Can you do that? Notary E&O Insurance insurance covers what the policy says it covers…send me yours and I’ll read it to you. General business liability insurance covers what the policy says it covers (usually more than ‘Notary” E&O, and is also more expensive.) To be a Notary Public or a Notary Signing Agent you don’t NEED either. What you buy is up to you. If you are seeking advice from people that have done this work for a long time…I suggest you find out what this job entails, what you will be required to know, and what you will be personally responsible for. If you don’t know that, then you don’t know what insurance would be appropriate for your situation. JMO

Reply by Karla/OR on 9/4/11 10:52pm
Msg #396368

See PM n/m

Reply by Lee/AR on 9/4/11 11:35pm
Msg #396369

Actually, Karla, Les did give you some good advice n/m

Reply by Karla/OR on 9/5/11 3:02am
Msg #396372

Re: Actually, Karla, Les did give you some good advice

Thank you for pointing that out because there is some truth to it - and I did take it in - as I do all advice on here. I just didn't get why it had to be in such a sarcastic tone - I didn't see where I provoked that kind of response. His remark of, "being able to walk and chew gum at the same time. Can you do that"?, was a bit demeaning to say the least. Maybe it pisses me off because I am so the opposite of what he is inferring. I have held many stressful jobs over the past 30 years where I had to make instant decisions about clients well being, so this is nothing new to me. This new venture is something I am very passionate about and know I will be successful. I guess we are talking about two different personalities here - I look forward to the day when I can help newbies on this forum and I will never treat them as I was treated. Call me thin skinned if you will.

Thanks for your post and for listening.

Reply by John/CT on 9/5/11 7:58am
Msg #396374

Karla, you ain't seen nothin' yet!

When compared to what could lie ahead for you in the trenches, you haven't been "treated" badly at all ... unless I've missed something elsewhere. And yes, you WILL need a thicker skin to stay in this business ... otherwise, you'll be sent home crying more often than you like.

Reply by Karla/OR on 9/5/11 6:26pm
Msg #396422

Re: Karla, you ain't seen nothin' yet!

Thanks for the response - I am taking in ALL this info and as I mentioned to Les in a PM, I am going in with eyes wide open and with all the compassion I can muster to learn all I can and do the best job I can - my options are to try and hopefully make a go of this OR just give up and run away with my tail between my legs. Running away is not happening. I have been studying crazy like for the past month or more on everything I can get my hands on - I understand books do not replace experience - the experience will come. I would love to hear from you what it was like when you started out - why you stuck with it. I'll take all the encouragement I can get!

"Thanks"

Reply by JanetK_CA on 9/7/11 2:29pm
Msg #396599

Re: Karla, you ain't seen nothin' yet!

Karla, it might help to understand that your approach to learning this business seems to be the exception rather than the rule, unfortunately. Over the many years I've been active on this board, I've seen many dozens - perhaps even hundreds - of newbies come here asking questions which indicate that they have no respect for what we do or the effort that it takes to learn our trade and build a successful business.

It's to the point where it seems to strike a raw nerve sometimes when people ask questions that have been answered here over and over again, ad nauseam. So I imagine that some responses are sometimes more a reflection of that drum beat than a reaction to a particular post. So hang tough keep asking, and keep growing a thicker skin. It will serve you well dealing with clients and borrowers, too!

Reply by Les_CO on 9/5/11 9:54am
Msg #396383

I apologize to Karla, and all others that may have taken offence to my post. I was far too abrupt.
It’s just that after reading post after post on this board from people that apparently don’t have any idea of what the job of a NSA is about, or any idea of how to do it, or for that matter how to find out or research the simplest things. My God we get posts here from people that apparently need help in getting dressed in the morning, and they think they can start and run a BUSINESS? This is a business, and it isn’t easy. It takes knowledge, constant hard work, determination, tenacity, and diligence. If someone posts a question about how do I buy insurance, and what kind do I buy, and still doesn’t know after several people say “buy what you want/need and it’s available here, and damn near everywhere”( How many insurance salespeople are there in the US?)…?? What can I say to that…except… Why do you want to try to get into a business where you will obviously fail? To do this ‘job’ you will be “self employed”, you will have to be a self-starter. No one will tell you to go to work, and what to do. Or, what to wear, what to charge, what to say, when to go, or how to get there… You must learn these things on your own…and a heck of a lot more. Where do people get the idea that this is a job/business for a complete novice? That someone without any knowledge of the title, lending, real estate, finance, business can just start up and be a NSA?
What the heck…I always wanted to be a Brain Surgeon…would someone please tell me how to do that tomorrow…I do have a knife?

Reply by John/CT on 9/5/11 9:59am
Msg #396385

Well-said, Les. Thanx n/m

Reply by Hart - Marilyn on 9/5/11 10:57am
Msg #396400

Notary Rotary has the best price............great service. 100K for $104. yr, and they email it immediately.

Reply by Karla/OR on 9/5/11 6:29pm
Msg #396423

Thanks so much!

Reply by Kathy/NJ on 9/6/11 12:37pm
Msg #396476

Re: E&O Is it me or what? I thought the idea of a forum

was to ask questions, exchange ideas, get information, share a laugh, etc. If someone feels that a person's question is so beneath them, why do they feel the need to answer, and to do it in a nasty way? I guess, somehow, they started out without actually being a newbie at some point. I wonder how they did that?

Reply by Les_CO on 9/6/11 3:50pm
Msg #396493

Re: E&O Is it me or what? I thought the idea of a forum

If you are referring to me…..Try 20 years as an employing Real Estate Broker, and a working knowledge of the Lending and Title business BEFORE there was such a thing as a “Notary Signing Agent”. There are MANY here that have had a thorough knowledge of the workings of this business before it became a separate business or job description.
I also suggest you re-read my comments. And maybe notice the words just below the NOTARY ROTARY logo above?

Reply by Les_CO on 9/6/11 4:35pm
Msg #396503

PS: Kathy

PS: Kathy…. just FYI I personally know several “NSA’s” here in Colorado that were at one time employed as Escrow Officers of Title Companies, with years of experience. And I can tell you that many here, have had some practical and formal education in this field BEFORE becoming NSA’s. Take a company like Atlanta Signature (and there are others) A network of NSA’s that not only went to high school, but graduated collage with a degree, and then went on to law school, and acquired a JD degree, then passed the bar, and now are NSA’s (among other things) all this BEFORE they were “newbie’s”
IMO putting all here in one category just shows how little someone actually knows about this business.

Reply by Kathy/NJ on 9/6/11 6:53pm
Msg #396510

Re: PS: Kathy

Wow! I hope that made you feel better!

Reply by Les_CO on 9/6/11 7:44pm
Msg #396519

Re: PS: Kathy

Yes Kathy it did! While I enjoy reading all the opinions/questions/statement posted here, I though some years of reading experience value some opinions posted here more than others. I suggest you read and learn. This can be a valuable resource, as well as a ‘fun’ place to share ‘professional’ opinions.

Reply by HisHughness on 9/6/11 7:32pm
Msg #396515

I've said this before, but let me repeat it

***I thought the idea of a forum was to ask questions, exchange ideas, get information, share a laugh, etc***

That is precisely the function of this forum, as I see it, though the NotRot owner has never so limited it. The function of this forum, in my view, is NOT to train new notaries public or new signing agents, or to answer questions about the very fundamentals of this business. If it becomes that, then I will be neither visiting nor posting here anymore. I'm just not interested in teaching newcomers which end of the stamp to put to paper. I'm here to get information from other experienced NSAs about the more abstruse aspects of our profession, and to offer what little from my experience might help them

Reply by HisHughness on 9/6/11 7:40pm
Msg #396518

I said something poorly

What I meant to say is that Harry has never said this forum is only for experienced notaries, and, in fact, I think he probably feels the more the merrier. That just isn't the way I feel. I feel that it's more like the more, the messier.

Reply by Les_CO on 9/6/11 7:58pm
Msg #396524

Re: I said something poorly

What the heck Hugh. Some of these neophytes are as smart as paint. I like to hear all their opinions. It is still possible for me to learn something new...every day… I hope? It’s just when the entire board becomes a “how to” social network for those that don’t recognize good advice from bad, and their only response to their own ignorance is criticism of others that it gets boring.