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mtomlinson
Kansas
23 Posts |
 Posted - 10/30/2010 : 6:13:09 PM
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Well, it has been 3 months now and they have been giving 20-30 closings a month. The lender is not Provident but PNC and it is their requirement. The 500K E&O ran 647 annual. At this time, averaged out it has cost me approx $8 per signing. keeps up for the full year it will be less than $2 per signing. As for being a newbie, not knowing what I'm doing or other things said. I have over 12 years experience in the mortgage industry. I have TC's that provide my company with 90 closings per month. 20-30 closings is a small account. Not that I don't want every account my company can get but 20-30 signing also equate to 2500 to 4000 gross monthly. Are you telling me that if a TC asked you to spend 647 annually in order to add 2500 to 4000 to you businesses income you would tell them no, they were ridiculous. No. You would probably go get the 500K in E&O.
If you want to know where to pick up the 500K E&O for around 647 annually (my premium) call
Maggie Pitner
Office Manager/Agent
Insurance Management Associates, Inc.
285 Parkway 575
Woodstock, Ga 30188
O: (800)-899-8624 ext 224
F: (770)-874-8311
Specializing in Professional Liability (E & O), General Liability and Workers Compensation
She covers all areas as far as I know. It took me a few days of searching and she has the best deals out there.
Michael D. Tomlinson |
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DianaNotary
California
171 Posts |
Posted - 10/26/2010 : 3:16:47 PM
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I totally agree with Leeinla from California- why would you want to show off the amount of insurance liability? It’s like saying, “Everyone is welcome to sue me, as I have $$$$$ E&O insurance? It even sends a message that the notary that would buy such insurance is either negligent, newbie (and has no clue what he/she is doing) or had been sued in the past. I would stick with the state specific requirements.
http://www.DianaNotary.com |
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LindaH
Florida
1754 Posts |
Posted - 10/24/2010 : 12:18:26 PM
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No Maple..I didn't say they offered only in attorney-only states - I said their list of states they covered *included* attorney-only states - however, no I didn't check to see if they required proof of being an attorney - and you're absolutely right on that score...but it's my thought that an attorney doing signings won't be taking Signing Agent E&O but rather will carry a professional liability policy.
The one company I checked writes in 38 states.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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Edited by - LindaH on 10/24/2010 12:29:14 PM |
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Maple
51 Posts |
Posted - 10/24/2010 : 11:01:57 AM
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| Linda, if you are right about them only offering it in attorney-only states, then their list of states might serve as their opinion of which states are attorney-only. What other states do they offer coverage for? Also, if one were to go through the signup process, perhaps one would come to a point where one would have to prove one is a member of the bar. Did you check far enough to find out if that is so? |
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LindaH
Florida
1754 Posts |
Posted - 10/24/2010 : 08:16:09 AM
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Ugh...now this is disturbing
Decided to search around and see who offers Signing Agent E&O in FL -one company's website (a well-known company) indicates they do not offer it in FL...however they DO offer coverage in Delaware, SC, GA, West Virginia - all attorney-only states (I think Maine is attorney-only also, and that's listed) - and in MA, which is attorney restricted.. but NOT in FL...
NOW who doesn't know what they're doing???....Ugh
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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LindaH
Florida
1754 Posts |
Posted - 10/24/2010 : 06:48:25 AM
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"recently had a request from a local TC to up my coverage to 500K. They are going to give me 20-30 closings a month so I was more than happy to obtain the coverage they require."
That's not a whole lot different than "reduce your fee by $25-$30 and we'll make up for it in volume"...
It will be great if it happens...but in this economy, is ANY one company giving 20-30 closings/month to ANY one notary? And careful with these - these are probably Provident Funding loans and they are really really picky - you can make absolutely NO changes to any portion of their documents, including the notary certificates, which are filled out in advance by Provident - they set the whole package up and you get it signed and notarize where necessary THEIR way - at least that's what happened to me.
But good luck..and I agree with the others - I don't think they really know exactly what notary E&O covers and $500k is a ridiculous amount...I carry $100k because I have assets to protect and people are sue-happy. And most times the title companies or SS's can cover you under their own umbrella plan.
To Robert: You said "I encourage my students to obtain $5,000, but anything above that is not necessary IMO. As Paul said, E&O does not cover signing agent mistakes."
I disagree with this and here's why - yes, E&O does not cover signing agent mistakes but in the event of notarial error IMO $5K will barely cover attorney's fees defending the claim. For those who have assets to protect, or to afford coverage for ANY settlement for the proverbial "nuisance value" I think a minimum of $25k is more prudent for ANY business person.
MHO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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Edited by - LindaH on 10/24/2010 06:53:21 AM |
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FlaNotary
Florida
59 Posts |
Posted - 10/24/2010 : 05:54:47 AM
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$500k in E&O is ridiculous. I can't think what kind of unintentional notarial error would cause a financial loss of that magnitude. I encourage my students to obtain $5,000, but anything above that is not necessary IMO. As Paul said, E&O does not cover signing agent mistakes.
Robert T. Koehler
Notary Public of the State of Florida
State-Approved Official Notary Educator
Commissioner of Deeds in the Bahamas and New Hampshire
Certified Loan Signing Agent
AAWO-Accredited Wedding Officiant
Weddings: www.NotaryWeddings.com
Classes: www.NotaryAcademy.org
Nothing in the foregoing post is to be construed as legal advice. I am not an
attorney licensed to practice law in any state and can not give legal advice or
accept fees for legal advice. |
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PWinFL
Florida
469 Posts |
Posted - 10/24/2010 : 04:51:29 AM
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quote:
Originally posted by mtomlinson
I have been carrying 100,000 for years and recently had a request from a local TC to up my coverage to 500K. They are going to give me 20-30 closings a month so I was more than happy to obtain the coverage they require.
With all due respect, I submit that the TC does not have a clue what notary E&O covers. If you read your policy, you will see that it is very limited in scope, covering only unintentional notarial acts. Considering that in a typical real estate transaction (closing/signing), 90% or more of the liability is not covered by notary E&O. So requiring $500k of notary E&O borders on ludicrous, imo. For proper coverage, a signing agent needs a broader, more comprehensive commercial and/or professional E&O. Western Surety (I think) is offering signing agent E&O to cover that aspect of our liability. It makes more sense to me, to have the SA E&O in high amounts than it does to have Notary E&O in similar amounts.
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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leeinla
California
21 Posts |
Posted - 10/23/2010 : 7:34:40 PM
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| The section regarding E&O Insurance should be classified as Insured or Uninsured. I think since our listings appear to the general public we are exposing ourselves to a lot of liability showing the amount of insurance we carry. My car insurance card does not state the liability limits of my policy. If 123notary would be only a business directory of professionals that need notaries (escrow officers, title companies, attorneys, bankers,etc) I would not mind showing my E&O policy coverage. We should be careful on showing our coverage on the world wide web. |
Edited by - leeinla on 10/23/2010 7:36:31 PM |
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mtomlinson
Kansas
23 Posts |
Posted - 08/17/2010 : 11:27:09 PM
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Jeremy, I agree completely that E&O is vital for a notary. It makes good financial sense and it provides the notary with protection in case of a lawsuit. It will also assist the notary in obtaining jobs from companies who require a set limit. I have been carrying 100,000 for years and recently had a request from a local TC to up my coverage to 500K. They are going to give me 20-30 closings a month so I was more than happy to obtain the coverage they require.
Michael D. Tomlinson |
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jbelmont
California
3106 Posts |
Posted - 06/14/2010 : 12:36:43 AM
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How much Errors and Omissions insurance do you need?
E&O insurance protects the notary from a careless error, or omission. Perhaps, they forgot to write a date, or wrote a wrong date by accident. E&O will not cover you for fraud, so don't backdate or do anything fraudulent.
I have never heard of a notary actually being sued over a careless error. However, Errors and Omissions insurance makes the notary appear professional, especially when the notary has a lot of it. Its a good practice to have at least $15,000 E&O just in case. But, how much do you get so you can capitalize on jobs?
Title companies pay well and pay fast. Many of them have higher than normal standards of what they expect from their notaries. Its worth it to please them. Some want $50,000, Chicago Title want(ed) $100,000 E&O, while I have heard that one wanted $500,000. You are losing jobs if you don't have E&O insurance. If you are a full time notary, it pays to be insured so you can impress the best clients.
I can not recommend exactly how much insurance to get, but it should be proportional to how serious you are about the business. I would say, get at least $50,000 if you are full time. That way you will show up on our E&O filter on the search results.
Further reading:
E&O Insurance
http://www.123notary.com/forum/topic.asp?TOPIC_ID=2674
E&O Insurance - How much to get?
http://www.123notary.com/forum/topic.asp?TOPIC_ID=3944 |
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E&O Insurance - How much?
