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TGS1985
California
208 Posts |
 Posted - 10/16/2011 : 3:28:42 PM
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I never invested in this type of E&O because when I first started out all my loan signing mentors advised against it as they felt I'd be throwing my money away. None of them ever had a claim on their regularly notary E&O and several of them have been Notary Signing Agents for 20+ years. That said, doesn't mean they didn't make mistakes, especially when they first starting out. Still none were ever sued and instead were expected to go out on their own time and penny to correct the mistake ASAP.
In any case, the only company I've heard of offering actual Notary Signing Agent E&O is NSA Surety. No idea what their rates are and can't find any information online either. I will say that if it is anything like my current E&O and was and additional $200 for four years I'd probably get it.
Now that I think about it, I remember researching this when I started my business earlier this year. I recall reading that this type of E&O wasn't widely available yet. In other words it hadn't been okayed by certain states' Insurance Boards or the companies had yet to come up with underwriting guide lines for every states (want to say California was one of them). So it might not even be possible at this point in time to get coverage depending on you location. If I come across that article again I'll make sure to post it here on the forums.
EDIT: Found it and I was correct. While it's offered in most states California isn't one of them. I remember I was really debating whether I should invest in it until I realize it's not even an option so that settled that haha.
http://signingagent.cnasurety.com/States.htm
http://www.signingagenteando.npuonline.com/
Please don't take this as me advocating Signing Agent Insurance. I don't have it myself nor am I completely convince it's really needed.
- Tyler Soares - |
Edited by - TGS1985 on 10/19/2011 12:31:29 PM |
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jbelmont
California
3106 Posts |
Posted - 10/12/2011 : 11:02:43 PM
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Does anyone have this specialized type of insurance. Regular E&O will not cover you for signing agent errors. No-shows, last minute cancellation, failure to return docs, errors on the right to cancel, or not having the borrower sign all the documents could result in a law suit. I have never heard of a law suit happening, but title companies can lose a few thousand if you really screw up a signing. Or, someone can lose their lock!!!
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