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 Many companies want 100K E&O insurance		  New Topic  Reply to Topic
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jbelmont

California
3106 Posts
Posted - 05/17/2010 :  5:08:54 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
Many companies want notaries to have 100K in E&O insurance or they won't use you. A few of the nationwide Title companies have rules for how much E&O insurance they require. One company even requires $500,000 in insurance.

Here is what some notaries thought:
(1) Why does it concern you? The insurance is to protect me, not you.
(2) I get plenty of notary business without a high level of insurance.
(3) Why do companies want such a high amount? Are mistakes that costly?
(4) I have never heard of a notary being sued for a mistake, even if it ruined a loan. Fraud is a different story, but E&O doesn't cover for fraud.
(5) Its better to have it and not need it, rather than not having it.
(6) In seven years I've only lost one job due to not having E&O.
(7) 100K insurance helps a lot when you do HELOCS and Reverse Mortgages, as the clients for these types of mortgages request it.

123notary notes:
We publish how much E&O you have on your profile, so the companies that want it will not even talk to you to begin with if you don't have it. If you are a serious signer, it is worth it to have it, because many Title companies want lots of E&O and they pay high and fast!
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