I'd like to respond to some of the questions that were raised. I'm a licensed insurance agent Texas:
1. Generally speaking, Notary E&O is written as an Occurrence coverage. Which means it doesn't matter if Famena has changed insurance carriers/companies. As long as she was insured when the incident occurred the claim is covered (barring any policy exclusions).
2. Signing Agent E&O is usually written as Claims-Made coverage. Once the policy terminates, the protection ends. It doesn't matter that the incident happened when coverage was in place.
3. Yes, the E&O insurance company will provide the name and contact number of a licensed attorney for Famena (the insured) to call. She does not have to go out find representation on her own.
4. If we don't hear back from Famena she may have sought counsel and was advised to discontinue discussing the case until there's been a ruling. Just something to keep in mind, these posts are searchable on Google.
E&O Insurance provides peace of mind. The policy will cover attorney fees, court costs, and any settlement/judgment awards. Notary E&O does not have a deductible (normally) so no out of pocket costs for the notary; unless the policy limit isn't high enough. Signing Agent E&O does have a deductible (normally) so the notary would be asked to pay out the first $500 (or whatever the deductible amount is.)
Someone mentioned it in this thread or the earlier one, it's a really good idea to hold on to ALL of you old E&O policies. Don't toss them.
NotaryRotary sells E&O. They make it easy-peasy on this site. |
