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Renee
Michigan
549 Posts |
 Posted - 08/06/2007 : 8:33:40 PM
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Precisely, Lee - the more insurance coverage, the larger the bullseye. I had one company call looking for someone with 500k E&O (it was a lender's requirement, not their own requirement) and it made me nervous just THINKING about having that much coverage. To me, that was a big red flag. Like you said, Lee - the question becomes NOT whether the suit is valid, but the cost of defending it. Anyone who wants 'my' pocket $500k deep is probablymore inclined to aim whatever they can at me, regardless of it's validity.
I carry $25k, which is pretty normal for my state, and I'm not finding that any kind of problem for 99.999% of my clients. |
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Lee-AR
Arkansas
678 Posts |
Posted - 08/06/2007 : 6:37:08 PM
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| Funny thing about E&O to consider. The more you have, the bigger a target you are. As stated before, it only covers notarial errors. If you truly want to be covered, check into General Business Liability insurance and explain what you do to see if it's covered. Ask a LOT of questions. Also, if a claim is made, your E&O co. does NOT care whether you made an error or not--all they 'care' about is whether it's cheaper to pay the claim or fight it in court. Paying nearly always wins. Law suits are expensive. |
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GF_CA
66 Posts |
Posted - 08/05/2007 : 1:19:09 PM
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I have $100,000 insurance with Travelers Casualty and Surety Company of America and, I paid $170 for 4 years.
http://www.einersonsurety.com/ |
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LindaH
Florida
1754 Posts |
Posted - 08/05/2007 : 1:13:06 PM
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In today's highly litigious society I took no chances - we have a very small bank account and our house that I want to protect so I have $100K...got it from NotaryRotary - $252 for me for the full term of my commission (until 6/20/2010) NNA also offers it and there are many many other sites where you can buy it. Just remember it only covers you for notarial errors.
Sorry for driving people elsewhere if it's offered here...not sure if it is so mea culpa Jeremy!! If you offer it please contact the poster..<G>
Linda
http://www.notarydepot.com/notary/lindah |
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n/a
California
0 Posts |
Posted - 08/05/2007 : 07:59:41 AM
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| I have been a notary for 5 years and have always had E & O insurance. I have the minimum, $20,000. Until now, it has always seemed like enough especially because signing companies have their own that covers the notaries. Now some title companies and even signing companies are requiring their notaries have $100,000.00 of E &O insurance. I don't even know where to buy that or if it is worth investing in. Does anyone have more info on this? Do other notaries have this much insurance and if so have you gotten in with more companies because of it? And can you please direct me to some places to purchase it? |
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