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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.
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Who needs Errors and Omissions Insurance?
Error and omission insurance is used mostly for any businesses. It is also for insurance agents and it covers the company for any mistakes they make.
What is an "errors and omissions" insurance?
"Errors and omissions insurance is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third party administrators and other business professionals. This type of insurance helps to protect a professional, an individual or a company, from bearing the full cost of defense for lawsuits relating to an error or omission in providing covered Professional Services.
Why would professionals purchase errors and omissions insurance?
Professionals purchase error(s) and ommission insurance to have protection against claims against them of faulty services in which a monetary value can be affixed according to damages incurred.
What can be done when the title search on property was incorrect and did not detect lien?
Contact the attorney who represented you when you purchased the property to make a claim on your title insurance policy. If you don't have an owner's policy see if the attorney has errors and omissions insurance that will cover the error.
What are the laws in Georgia on time frame before they sell at auction and can they do this if you pay following day of repo when notified of amount owed if was all bank error?
WHAT "was all bank error"?? IF the whole entire repo "was all bank error", then you need an attorney now. ASAP. The bank has insurance to cover "errors and omissions".
What is Mackoul and Associates Inc Insurance Company?
Mackoul & Associates, Inc. specializes in the insurance of Cooperatives and Condominiums. Other insurance offered includes Commercial Insurance, Business Auto Insurance, Error & Omissions Liability, Business Life Insurance, Insurance for Small Business Owners, Worker Compensation and Short Term Disability, as well as Group Health Insurance. Personal Insurance offered includes Automobile, Coop/Condo Owners, Personal Umbrella, Watercraft, Disability Insurance, Homeowners Insurance, Renter's Insurance, Floater's Insurance, Life Insurance and Long Term Care Insurance.
What kind of insurance should I have as a service provider?
Your state insurance department is your best resource for insurance-related questions and concerns. Find information on insurance companies and agents, rate quotes and comparisons, insurance buying tips, claims filing information and much more! State Insurance Department websites: http://www.naic.org/state_web_map.htm It will depend on what type of service you are offering. Customers by contract may require you to have general liability coverage and they may also require you to carry errors and omissions insurance. The general liability insurance will cover your business in the event of a claim involving bodily injury or property damage that yoiu cause. The errors and omissions insurance should be carried by anyone that provides a service for a fee to customers. It protects you against any error or omission caused by you and will also pay for defense of any claim of such against you even if the claim is not paid.
Why It's Important To Have E&O Coverage For Insurance Agents?
E&O coverage for insurance agents protects the agent against accidental errors or omissions. An error or omission can give a client a reason to sue you for damages. Carrying E&O insurance protects you and your business in the event of a lawsuit. The insurance will pay for the cost of the lawsuit and settlement, if any. The insurance company will usually provide a lawyer that is familiar with this type of law, so your chances of winning the case increase.
Do you need liability insurance if you operate a company that sells services not products?
Yes--you need to be insured for completed operations. Namely, that your service will not hurt anyone (i.e. contractors, etc.)AnswerYou will need a general liability policy to be covered and you may also want to secure an errors and omissions policy. Any company that provides a service to someone for a fee can be sued for any error or omission they cause. Many of the error and omission claims are not paid out, but in the event you are sued the errors and omissions policy will cover your defense costs which are often times more expensive then the actual claim.
How do you resolve a error aig insurance co made with my life insurance?
You are to bring the error to the notice of the Insurance Company,by submitting an official letter, to be acknowledged by them. The request should be to make necessary correction/rectification of the error and mail you the amendment copy, which should be an integral part of your original life insurance policy bond.
Is a lien valid if the notary stamp date is incorrect?
Yes, where the incorrect date is a scrivener's error which will almost certainly be reformed by the court on motion.
What is a 'retroactive period' in liability insurance?
The retroactive date sets how long before the inception of the policy that you are covered for negligent acts, error or omissions that you report during that policy. A retroactive date can match the policy inception date so that no prior acts are covered. From the date of the retro period would be the continuous period before the retro date during which the coverage is applicable
