Posted by HrdwrkrVA on 11/9/12 10:44am
Msg #442757
TPL req $500k E&O. NNA only goes to $100k. NotRot is
is checking. Anyone else have success w/ any othe companies? Thanks!
|
Reply by Linda_H/FL on 11/9/12 10:46am
Msg #442759
Teresa/FL carries $500k..might want to p/m her n/m
|
Reply by jba/fl on 11/9/12 11:16am
Msg #442762
Re: Teresa/FL carries $500k.said w.might want to p/m her
Or, use the orange search button as Teresa has said who, where, etc. here in the not so recent past.
|
Reply by jnew on 11/9/12 10:57am
Msg #442761
It seems that the emphasis with the larger banks is going toward using a limited amount of title companies (read large companies) with many smaller independents being cut out. It is a possibility that those title companies are going to tighten up on requirements for signing agents. Some of the things I am starting to see are individual company designated background checks (eg. Equifax) instead of one general one as is now the standard. Requring larger E and O limits is very possible. Maybe having E & O closing coverage as well. If that is the case, hold on to your hats, minimum premium is around $2,000.00 per year and up depending on the coverage limits.
|
Reply by HrdwrkrVA on 11/9/12 11:58am
Msg #442771
Thank you everyone - you guys ROCK! n/m
|
Reply by Pro Mobile Notary on 11/9/12 1:34pm
Msg #442785
We pay only $753.00 per year for $1,000,000 in E & O coverage and clearly our risk profile is much great as a signing service than that of an individual notary signing agent.
I am quite sure there are many insurers out there that would gladly take your $2,000, but if you shop around you will be surprised at what you will find. I suggest you start with whoever has the insurance on your home if you are a homeowner.
|
Reply by BobbiCT on 11/9/12 12:02pm
Msg #442772
TItle Producers License $500k E&O
For those who are not in a TPL required state ("notary signing agents"), remember there is
1. E&O for your services JUST as a notary public - how much $$ liability do you need coverage for when acting as a notary public.
2. E&O and/or professional liability coverage for your services as a "signing agent / courier"; coverage for errors for everything you do that isn't part of the function of performing a notarization.
I don't believe the NNA E&O is for your Title Producers License. I think it is just coverage as a notary.
|
Reply by HrdwrkrVA on 11/9/12 12:17pm
Msg #442774
Good point - thank you! n/m
|
Reply by Harry [NR] on 11/9/12 4:02pm
Msg #442805
I just left you a message. We can definitely write them. The annual premium would be about $1450 for $500,000 in coverage, subject to a bit of underwriting. Also, should you happen to receive a lower quote in writing, the carrier believes they can almost certainly beat it. They've been picking up a lot of renewals from other title insurers.
Note that the "notary E&O" premiums we've been seeing for $500,000 in coverage with a high deductible are less than half of the title premiums. It's definitely a pay-to-play setup, so the title requirement is unfortunate.
Harry
Notary Rotary
|
Reply by MW/VA on 11/9/12 8:44pm
Msg #442848
I'm confused by this post. VA doesn't require a TPL.
Are you getting the RESA Certification?
|
Reply by NVLSlady/VA on 11/10/12 4:30pm
Msg #442953
Marilyn, think this through . . .
the Primary reason VA notaries aren't licensed Title Producers (aka RESA certified) is the required level of E & O - Ouch! too expensive. VA may not require TPL (yet) but as J.New points out, companies are "tightening requirements" - so it could very well be "coming down the pike."
Last week, I had one MD SS/notary teacher (she's in SC) INSIST that VA notaries must be RESA-Certified to do witness closings. She was convinced and she is teaching that in her classes.
No, we do not "handle funds" in the true sense of the law, BUT should some legislator require this in future, we should logically have access to more $$$ making opportunities. That is why I have questioned HOW TPL notaries are marketing their services. IMO, IF the law requires those conducting closings to be Title licensed, we ARE Title Producers - and it is up to us to decide what aspects of sales, notary work, instructors, referral agents, & on and on . . . we will incorporate into our practice.
p.s. I held onto my residential real estate license for 10 years - as a referral only agent. I did not enjoy that type of sales work BUT I was smart enough to know I wanted to get Paid for being a "licensed agent."  Turns out, of course, that maintaining the license was too expensive, so it was no longer practical for non-practicing agents to do.
|
Reply by MW/VA on 11/10/12 8:09pm
Msg #442981
Thanks, Michelle. I'm still of the opinion that there's a
lot of confusion about our role in the process. We are not an employee of the tc, and would have to be licensed if we were. I've said before that I think a lot of this confusion would be eliminated if we were able to be bonded, like in most states.
Of course the MD ss would want TPL's. That's a requirement in that state. VA Notary Law doesn't cover the role of NSA, and the SOC has been reluctant to set any parameters.
|
