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12042
Texas
5 Posts |
 Posted - 07/14/2009 : 3:19:39 PM
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Thanks so much for the referral with Maggie. We just qualified and now carry $1,000,000 of Errors and Omissions insurance to cover all our statewide Texas notaries and loan signing agents. :D
quote:
Originally posted by mfleites
Theresa,
We had chosen the below to 'shop' for us in regards to purchasing 500K E & O. The agent Maggie was a great help for us and we were permitted to pay monthly.
The Provident Loans do require the notaries to have this and it does not matter if anyone else acquires it such as the TC. You do need it if you want to close that lender's pkgs. Please also keep in mind, Provident does not allow any errors of any kind, no cross outs, no one can date for another, etc. Pretty much, you make an error do not send the pkg back.
Hope this assisted you.
Maggie Pitner
INSURANCE MANAGEMENT ASSOCIATES, INC
1-800-899-8624
FAX:770-874-8311
www.imaontheweb.com
Mobile Austin Notary
www.mobileaustinnotary.com
http://activerain.com/blogs/pecs29
"The Nicest Notaries & Process Servers in Texas, That Go To You 24/7!"
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mfleites
10 Posts |
Posted - 06/06/2009 : 7:54:43 PM
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Theresa,
We had chosen the below to 'shop' for us in regards to purchasing 500K E & O. The agent Maggie was a great help for us and we were permitted to pay monthly.
The Provident Loans do require the notaries to have this and it does not matter if anyone else acquires it such as the TC. You do need it if you want to close that lender's pkgs. Please also keep in mind, Provident does not allow any errors of any kind, no cross outs, no one can date for another, etc. Pretty much, you make an error do not send the pkg back.
Hope this assisted you.
Maggie Pitner
INSURANCE MANAGEMENT ASSOCIATES, INC
1-800-899-8624
FAX:770-874-8311
www.imaontheweb.com
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mfleites
10 Posts |
Posted - 06/06/2009 : 3:27:43 PM
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Our E & O covers our company as well as our signing agents. We shopped around and found the below as very reasonable.
The agent Maggie will 'shop' for the best rate possible and you can pay in monthly payments. Hope this assists you.
Maggie Pitner
INSURANCE MANAGEMENT ASSOCIATES, INC
1-800-899-8624
FAX:770-874-8311
www.imaontheweb.com |
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PWinFL
Florida
469 Posts |
Posted - 06/04/2009 : 08:06:47 AM
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quote:
Originally posted by TheresaDavis
Also, since signing services have us sign up as independent contractors, how can they cover notaries under their E & O policy. I know that Doc Pros does signings for Provident and says their notaries are covered under their policy - at least that is what I've been told.
As long as the hiring agency's policy covers contractors (which is what we are), then the contractor would be covered. If Provident requires $500,000 coverage and Doc Pros says you're covered, I would ask them for a copy of the policy showing that contractors are, in fact, covered.
When searching for Notary E&O, you must be very specific when talking with insurance agencies. If you just ask for a half million E&O, they are probably quoting general commercial liability insurance, not specific to notaries.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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n/a
California
4 Posts |
Posted - 06/04/2009 : 01:13:16 AM
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Theresa to my knowledge it is possible to get $500,000 in coverage the cost is very high, your are probably better off referring then to a signing company that you have a good relationship with and negotiate a higher percentage of the signing fee for your referral.
Most insurance company will not provide this E&O amount to individuals.
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n/a
California
4 Posts |
Posted - 04/07/2009 : 5:15:13 PM
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As we all know, Provident Funding requires a notary to carry $500,000 in E & O insurance. There have been a couple of title companies and loan brokers who have called me asking if I carry this much insurance. Currently, I carry $100,000 and am considering increasing it to $500,000. However, I'm having difficulty locating an insurance company that provides that coverage. I have spoken with two companies and their premiums range from $1,000 to $1,500 per year - rather steep.
Also, since signing services have us sign up as independent contractors, how can they cover notaries under their E & O policy. I know that Doc Pros does signings for Provident and says their notaries are covered under their policy - at least that is what I've been told.
Does anyone know of an insurer that provides $500,000 in coverage and approximately what their annual fees are? |
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$500,000 E & O Insurance
