Posted by Gregory Walther on 2/29/12 7:33pm
Msg #413559

e and o insurance

Good evening everyone,
New signing agent looking to purchase e and o insurance. Any recommendations for the best policy offering the best protection for peace of mind?

Thank you

Reply by Lee/AR on 2/29/12 7:38pm
Msg #413562

Right here on NotaryRotary. Exceptional service, too! n/m

Reply by Gregory Walther on 2/29/12 7:42pm
Msg #413563

Re: Right here on NotaryRotary. Exceptional service, too!

any recommended amount?

Reply by Linda_H/FL on 2/29/12 7:44pm
Msg #413565

I think you, as an attorney, need coverage beyond

standar notary E&O...I would think that as an attorney your exposure and risk are far higher so your coverage needs to reflect that.

Straight notary E&O, IMO, will do you no good not just for that reason but because (a) it's very limited in scope as it only covers notarial errors; and (b) notaries in MA can't do loan signings.

If I were doing these in MA I'd be speaking with my liability carrier.

JMO

Reply by Linda_H/FL on 2/29/12 7:45pm
Msg #413566

Two things...and apologies..one of those days...

1. standard E&O

and

2. If I were an attorney doing these in MA...

Reply by MW/VA on 2/29/12 7:47pm
Msg #413568

Linda's right here. I missed that MA is an attorney-only

state.

Reply by Gregory Walther on 3/1/12 6:16am
Msg #413595

Re: I think you, as an attorney, need coverage beyond

Thank you Linda, i consulted with a experienced closing attorney here in Massachusetts who stated that as long as i was just conducting the signing and not dispensing legal advice, that standard e and o would suffice.

Reply by Linda_H/FL on 3/1/12 7:29am
Msg #413599

Doesn't that defeat the whole purpose of

"attorney-only"???

Again, standard E&O only covers notarial errors and nothing to do with the signing itself.

I'd check with the MA Bar for more definitive information concerning this....but that's just paranoid lil old me...

Reply by MW/VA on 2/29/12 7:46pm
Msg #413567

I get my E&O right here at NR. While the XYZ organization

recommended $100K, many notaries don't carry that much. You need to decide for yourself what amt. you need to protect yourself in the event of a lawsuit. Also, standard E&O doesn't cover you as a Notary Signing Agent, and I now carry Signing Agent E&O instead. It's considerably more expensive.
These are individual business decisions that everyone has to make for themselves. Good luck. :-)

Reply by Art_PA on 3/1/12 4:22pm
Msg #413653

If you are an attorney, your Malpractice Insurance probably includes claims arising from services your perform as a notary. Read your policy and then decide if you need additional coverage.