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| T O P I C R E V I E W |
| jbelmont |
Posted - 09/09/2011 : 11:23:50 PM
Everyone talks about bonds and E&O, but I have never met a person who ever filed a claim. I guess it's for that once in a while situation. But, what does E&O actually cover? Do notaries even know? Is it a sham, or do notaries really need this for anything more than a fashion show?
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| 5 L A T E S T R E P L I E S (Newest First) |
| Dannotary |
Posted - 09/17/2011 : 06:41:25 AM
Yes, I have 100k E and O ins. I had to have a lawyer go to a deposition and a trial with me and E&O co reimbursed me for the fees I had to pay. It was a family feud where that resulted after the death of one parent. I had notarized a Grant Deed as part of a refi package, the spouse had to sign off etc. A few yrs later I get accused of forcing the lady to sign AND of EXPLAINING the grant deed to her, neither of which I did and was not found guilty of either thing. It was part of another larger suit. I did in fact have her call the title co and loan agent during that signing and documented who they were. Always use your extra notes sections when anyone is contacted from the signing appt and what it was about, or the names of all in attendance at the signing appt., like agents. I dant stress enough how important it is to take copious notes. It has saved me several times. It still caused me 18 months of anguish and sleepless nights. Yes, it was real easy to get the E&O co to reimburse but I hope you never have to go through something like this. |
| Saul |
Posted - 09/13/2011 : 11:11:21 AM
Additional information for your consideration; I know of two Illinois situations where the bonding co. did pay a claim on the bond [these were separate occurrences, two different notaries and neither of them was me].
I have also seen many cases where FNF paid title claims; title insurance is vital and does pay a proper claim.
Saul |
| LindaH |
Posted - 09/12/2011 : 3:53:46 PM
Bond protects the public; E&O protects the notary from claims.
And I have seen claims against title insurance policies - successful ones at that. It is not a scam.
Linda
http://www.notary.net/websites/LindaHubbell
http://www.columbiacountynotary.webs.com |
| egw91145 |
Posted - 09/12/2011 : 08:39:20 AM
I don't quite understand the E&O and Bond. Who do they cover? Who do they pay? Under what circumstances? Sounds like title insurance - I've never heard of any title insurance policy paying anything either. They both sound like scams.
EGW |
| LindaH |
Posted - 09/10/2011 : 05:59:19 AM
I've never had a claim against either my bond or my E&O...
E&O covers the notary for errors made in the performance of their notarial duties only - incorrect certs, incorrectly completed, unsigned or unstamped certs, failure to identify properly, failure to give an oath when required, etc etc.
It does NOT cover gross negligence (a/k/a stupidity) or intentional wrongful acts. It's true that ignorance of the law is no defense. For example, IMO it would NOT cover a backdating scenario - that's intentional.
Standard E&O offers NO coverage for non-notarial loan signing activities. For that coverage you need a Signing Agent E&O or a professional liability policy.
Linda
http://www.notary.net/websites/LindaHubbell
http://www.columbiacountynotary.webs.com |
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