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I'm a new notary public. Where can I find inexpensive errors and omissions insurance?
Wiki User
∙ 14y ago
You can find cheap quotes by visiting www.insurepro.net. You can also research quotes at ErrorsAndOmissions.NetQuote.com.
Wiki User
∙ 14y ago
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Error and Omissions Insurance and the Notary Public?
The average consumer has little reason to think of error and omissions insurance. However, for many professions, error and omissions insurance is a requirement. For the notary public, it is essential. Consider the reasons a notary public needs this type insurance. Each state in the U.S. commissions notaries as officers of the state. As such, a notary has to be thorough and have a keen eye for detail. Some believe that notarizing a document is a trivial affair, but the truth is that notarization is a legal act. That act can have serious consequences if the notary makes an error. The consequences affect not only the notary but the consumer who requested the notarization and possibly unknown parties as well. Consider the following example. A consumer refinances his home and receives the closing paperwork via courier. The consumer then locates a notary public to notarize the new mortgage documents. If the notary unintentionally omits a legally-required step, such as signing the notary certificate, the lender or the county may reject the mortgage. If this happens and the consumer has an interest rate lock, the lock may expire causing the consumer to pay a higher interest rate over the life of the mortgage loan. Another possibility is that the lender will require a redraw the mortgage paperwork and charge the borrower an additional fee. The notary is responsible for the mistake, and in extreme cases, the notary may face a lawsuit resulting in a legal judgment that includes hefty fines and repayment of damages. In these situations, error and omissions insurance can benefit the notary. It covers attorney’s fees and any judgments—up to the policy limit. The determining factor is intent. The error or omission must have been unintentional and not fraudulent. No error and omissions policy covers fraud. Most car owners would not consider driving without car insurance. Likewise, a notary public should not consider notarizing a document without error and omissions insurance.
How to Become a Notary?
The journey to becoming a notary is one that been trekked for thousands of years. The notary profession has its roots in Roman law, and the need for this duty-bound and honored public official is still strong today. Becoming a notary is an important process from which you can launch a viable career. In the United States, notaries perform a wide range of duties from overseeing the signatures of legal and financial documents to taking oaths and depositions.Find your state's notary requirements.Typically, you must be a resident of the state in which you want to be a notary and at least 18 years old. Most states only require an application and a fee, while others require that applicants take a course and pass an exam. Visit your state's Department of State website to find its requirements for notaries.Take a notary course.Take a notary education course even if your state does not require you to do so. You are financially liable for everything you do in your capacity as notary. Being well-educated about the laws governing notaries in your state is added protection from lawsuits.Fill out the notary application.The application should be available for downloading from your state's Department of State website. Most states charge a small fee for processing the application.Surety bonds versus insurance policiesYou'll be overseeing important legal and financial documents. If a mistake results in a financial loss to any party involved in a notarization, you may be financially liable. For this reason, some states require that you have a surety bond. Whether or not your state requires bonds, it's highly recommended that you buy errors and omissions insurance.Think of a surety bond as a co-signer. If you are found liable for financial losses resulting from your mistake, you still have to pay. Just like with a loan co-signer, if you default the surety company will be liable for the debt.Errors and omissions insurance, however, is just that: insurance. A portion of your premiums goes into a pooled fund to pay for claims. If you are held liable and are required to pay restitution, an errors and omissions insurance policy will protect the future of your business.Once you have fulfilled your state's requirements for becoming a notary, you can send in the application form, fee and any supporting documentation required. Once you are approved to become a notary in your state, you may have to take an oath of office swearing that you will perform your duties with due diligence. When the state's grants you a notary certification, you can purchase the necessary supplies, which usually include a stamp and ledger. With your stamp and ledger in hand, you are ready to begin your career as a notary.
Why Most Professionals Need E&O Insurance?
Errors and Omissions Insurance (E&O) is a type of protection that many professionals should consider necessary. It is a litigious society, and one simple mistake could ruin a career or a business. Lawyers, paralegals, notary publics, accountants, tax preparers and business consultants are just a few of the professions that should purchase this type of coverage. In the event that a mistake is made during the course of your job performance, and the client receives damage from that mistake, an E&O policy will cover the expenses from this occurrence. An E&O policy is very similar to malpractice insurance in the medical field.
What services does Franklin Insurance provide?
Franklin Insurance provides insurance plans for auto, home, business (commercial), and life. It also has a notary in case any customers need a document notarized.
What does signed at state on insurance papers mean?
On insurance papers, signed at state simply means the person who is purchasing the insurance signed the legal document. These usually need to be signed in front of a notary.
How is an individual or corp licensed as a title insurer in NY?
The State of NY does not regulate the licensing of title insurance producers. Therefore you can set up as a title insurance agent by creating your company structure (Corp, LLC, etc.) and speaking with a Title Insurance Underwriter to sign an agency agreement with them. Once that is arranged, you would move forward as in any business: * Identify your business location Hire Key Staff for title examination and policy work Set up your searchers Purchase or Lease Title Production Software Purchase your Errors and Ommissions Insurance Market your services, etc. In order to become a Notary in the State of NY, which will be required if you will be closing loans directly, needing acknowledgments and notarizations, you do need to take the NY Notary course and pass it to obtain your NY Notary Commission.
Who do you sign the transfer of deeds in front of?
Witnesses and a Notary Public. Deeds should be drafted by a professional. Errors made by non-professionals can be costly to correct if they can be corrected. The attorney will supply the appropriate form, witnesses and notary seal.
Can a notary in a bank notarize a will in NY state?
A notary is a notary, I don't see why not.
What full form of notary?
notary
What kind of services does Ticor Title offer?
Ticor Title is a company that deals with title insurance and escrow services. They also offer home warranty contracts, property and casualty insurance and Bancserv Notary services.
Is a magistrate a notary?
Are Notary Publics Magistrates
Can someone notarize a document they are signing?
No. A notary shouldn't notarize any instrument they may derive a benefit from. Further, they should not acknowledge their own signature. That document would be extremely vulnerable to challenges.
