Posted by KSMONotary on 5/10/12 3:31pm
Msg #420500

E&O Policy Increase Request

I was just asked by one of my best clients to increase my E&O Policy to $1,000,000. I have not contacted my current provider yet, I wanted to get some feedback from my fellow NotRots.

Does anyone carry that amount, that is only providing coverage for themselves? What sort of a Premium can I expect. I pay around $100 a year for $100,000 right now.

Again, good client and if it comes down to it I will weigh their business vs the expense.

Thanks for your response in advance!

Reply by FlaNotary2 on 5/10/12 3:37pm
Msg #420502

I would tell them to go fly a kite... A $1mil E&O policy?

Absolutely absurd... an E&O Policy only covers unintentional notary errors. What type of notary error would cause someone to incur $1,000,000 in damages. If you are paying $100 a year for 1/10th of the coverage you desire, a $1mil policy could be $1,000 a year.

Reply by FlaNotary2 on 5/10/12 3:38pm
Msg #420503

...and thats IF you can find anyone who offers such a policy n/m

Reply by Luckydog on 5/11/12 3:07pm
Msg #420602

Re: I would tell them to go fly a kite... A $1mil E&O policy?

You need to find the standard for your state. ONLY SS need that amount, not an individual. I have $30,000.00 and nobody has ever requested anything more. It was pretty cheap, I purchased it with my renewal, and was less than $100.00 for 4 years, and included the bond.

Reply by Ireneky on 5/10/12 3:39pm
Msg #420504

add another 0 to the 100 ask is it worth it n/m

Reply by Les_CO on 5/10/12 3:42pm
Msg #420505

I don’t know of anyone selling a million dollar E&O policy. One can get a million dollar general business liability policy from many places.... including here (I Think) I’d guess this will cost about $1500 a year. I would inform your “best client” that your E&O policy covers you, NOT them. So why do they care??

Reply by Linda_H/FL on 5/10/12 3:43pm
Msg #420507

Let them insure me under their umbrella policy..

That's ridiculous.

Reply by Marian_in_CA on 5/10/12 3:57pm
Msg #420511

Are they going to increase what they pay you? n/m

Reply by MW/VA on 5/10/12 4:08pm
Msg #420514

Ridiculous! Who's the "best client", an ss or a tc? Both of

those would be carrying that kind of policy, not us. Some have taken the $500 that Provident wants, but I wouldn't do that either. IMO it's all about a misunderstanding of how Notary E&O Insurance works, and its limits.
You can get a business liability with $500K/$1M aggregate, but that's a different story than E&O.

Reply by KSMONotary on 5/10/12 4:40pm
Msg #420518

Re: Ridiculous! Who's the "best client", an ss or a tc? Both of

At this point it is really just a conversation with them. Nothing has been mandated or a volume dictation indicated. Their overall point, which I can kind of see, is if my volume per month is greater then what a $100,000 Policy would cover in the unlikely event of multiple claims, a increase would be validated?

Reply by Doris_CO on 5/10/12 5:26pm
Msg #420525

Re: Ridiculous! Who's the "best client", an ss or a tc? Both of

Notary Public E&O only covers Notary Public errors, not Notary Signing Agent errors. NotRot does sell Signing Agent insurance here but not all states are covered. Maybe both you and your "best client" should research which insurance covers what they are anticipating and go from there.

Reply by Linda_H/FL on 5/10/12 6:46pm
Msg #420537

Baloney!!

"Their overall point, which I can kind of see, is if my volume per month is greater then what a $100,000 Policy would cover in the unlikely event of multiple claims, a increase would be validated?"

How many errors are you making that they think you make over $100,000 worth of mistakes a month?? You're probably not making any. That's called making the notary's pockets deeper and we can let the sh** roll downhill.

As I said before, let them cover you under their umbrella coverage. And I agree with others...this client obviously has no idea the limits to Notary E&O Insurance coverage.

JMO

Reply by MW/VA on 5/11/12 8:19am
Msg #420567

Agree with Linda. That reasoning is just plain crazy. I

know I wouldn't fall for that. They obviously don't have a clue about what they're talking about.