So it seems that their is a signing service sending out emails to all of the notary signing agents in their data base, informing them that for $100 each they can buy into their companies million dollar E and O policy. I have been asked to weigh in on this. My initial reaction was how odd it was and many questions come to mind. For one, I am not sure that it is even possible for a group of notaries to be under one policy. (I put a call in to an E and O provider at the time of writing this blog and I am waiting for my answer. If any of you veteran notaries know, please post it in the comments section below.) Also, all notaries are independent contractors. They have their own business, and we all work and reside in different states. Another question came to mind; would your name be listed among all the others who buy in under the policy? And would all notaries receive an actual policy? Unfortunately, the email that folks received did not answer any of these questions. What I can say, (and i mean no disrespect) is that on the surface it looks like this signing service is trying to get a little help from the notaries paying their E and O policy. I imagine a million dollar policy is very expensive. If the signing service wants to weigh in that would be great. I believe they are a member of 123.
I never understood the demand from these signing services for such high amounts in the first place. E and O for notaries covers errors and omissions (like forgetting to sign, wrong date, incorrect venue, etc) ONLY- nothing more. In this case of a million dollars, I cant imagine that that these types of errors would even come close to this high dollar amount. And typically, errors are caught before they even have a chance to turn into a problem.
I’d love to hear what you have to say about this…
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Comment by Kenneth Edelstein — May 14, 2017 @ 1:52 pm
Some of our title companies want their notaries to carry their own million dollar policy. Can’t imagine why they need it. It won’t cover their tails, so why.
Comment by Ina — July 14, 2017 @ 1:34 am
You can have a policy where everyone shares the limit. Limits are eroded as claims are paid. It’s a group policy. This is common with real estate agents, too. It keeps costs down. Not everyone is specifically listed as a Named Insured but you get the group policy number.
Comment by S Rico — July 15, 2017 @ 2:22 pm