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mtomlinson
Kansas
23 Posts |
 Posted - 08/17/2010 : 11:37:40 PM
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I recently obtained 500K E&O in the State of Kansas. The agent who put the coverage in place does business all over the nation. The premium was pretty reasonable. 647 no deductible and they allow payments. Contact info for the agent is
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
Michael D. Tomlinson |
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joanbergst
California
360 Posts |
Posted - 05/15/2007 : 05:31:38 AM
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I think you need a minimum of $15,000 E & O coverage to be considered for a loan signing assignment. It's not required in CA and I don't think it is a requirement to be have this insurance in any other state.
Joan Bergstrom
24/7 To Riverside & San Bernardino Counties
Over 3500 Loan Signings
www.joanbergstromnotarypublic.com
joan.bergstrom@yahoo.com
Cell: 951-522-4919
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Shannon
California
360 Posts |
Posted - 05/14/2007 : 04:42:13 AM
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Do you mean sued and then covered?
"A Quick Note"
WWW.AQUICKNOTE.NET |
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jlissem
New Jersey
139 Posts |
Posted - 05/14/2007 : 01:11:58 AM
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| Does anyone know a notary who has collected on an E&O policy? |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 05/14/2007 : 12:08:30 AM
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E & O insurance is not mandatory in New Hampshire.
Suffice to say, I have been in business for eleven years and have never had it.
Legal Eagle Para Professional Services |
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profnot
41 Posts |
Posted - 05/13/2007 : 10:42:22 AM
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What are people's opinions on getting low E&O coverage for the notary work and high E&O blanket coverage for the business?
Anyone do this?
As stated before, our notary E&O insurance only covers the notary work, not the signing agent work.
Any comments? |
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joanbergst
California
360 Posts |
Posted - 04/15/2007 : 11:46:32 AM
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I have $100,000 policy for E&O insurance and I have yet to be told I have ever gotten a job by carrying this amount of insurance. It is just my confort level.
Joan Bergstrom
24/7 To Riverside & San Bernardino Counties
Over 3500 Loan Signings
www.joanbergstromnotarypublic.com
joan.bergstrom@yahoo.com
Cell: 951-522-4919
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BobbiCT
Connecticut
135 Posts |
Posted - 03/28/2007 : 01:38:35 AM
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Shannon, IF I were a CA notary I'd carry higher E&O. Not a slam against you or CA NSAs, but I believe California still holds the record for the LARGEST lawsuit brought against a notary public.
It's an old case, but the suit against the notary was for the full $650,000 "loss" in connection with a real property transfer. Notary was the "last man standing;" the criminals took the money and left for parts unknown. Notary was way too trusting. I believe the lawsuit involved both personal appearance and identfication issues, which obviously was neither an "error" or "omission"; it was a direct violation of the written law. I believe the case predates CA's education, etc. and should be less likely with today's more informed and cautious notary, but it certainly points out the difference between California and Connecticut. |
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Shannon
California
360 Posts |
Posted - 03/28/2007 : 12:40:17 AM
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Just spitballing here, but in many communities here in CA the median housing price is well over $1 million. Perhaps if I were the lender in question, I'd want to protect myself from even one deal going sideways. Californians tend to sue everyone involved once they get started...kinda like fishing with a bazooka...In five years, my operation has signed well over 4,000 deals and I'm not excessively rich (yet! ). It seems a little more protection might be a wise investment....
Even so, as I said, the projected earnings didn't make 500k in coverage pencil out as a good investment |
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BobbiCT
Connecticut
135 Posts |
Posted - 03/27/2007 : 8:55:25 PM
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Based on the Emails I receive from vendors telling me I will be removed from their database unless I increase my E&O and containing a link to the NNA E&O insurance page, I think the NNA SALES pitch to sell its insurance product and recommending $100k minimum for a notary public is at the root of this. Plus the uninformed lenders and title companies wanting to put the risk in someone else's E&O pocket.
In CT after TWO years if a document is not contested, our Validating Act "cures" any notarization errors (except for true fraud by the notary). It also "cures" if the deed is missing a witness or has no witnesses (CGS 47-36aa) and a multitude of other "technical" defects.
I cannot find ANY CT claim within the past twenty years against a notary where the notary's share of the "fault" was even close to $25k. I agree with Lee; asking notaries in EVERY state for $100-$500k E&O to notarize and courier loan documents smells bad. CT doesn't require E&O or a bond, never has and not even being considered by our SOTS for the past 20 years. No justification for it because no claims showing it is needed. In CT from what I've seen the the notary's "bad act" is unauthorized practice of law; a lawsuit that notary E&O insurance does NOT cover.
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Lee-AR
Arkansas
678 Posts |
Posted - 03/27/2007 : 12:13:34 PM
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| If you don't believe what I just posted--ask your E&O insurance carrier if they will ALWAYS defend you. |
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Lee-AR
Arkansas
678 Posts |
Posted - 03/27/2007 : 12:07:36 PM
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How E&O really works--somebody gets upset and goes to a lawyer. The lawyer knows that Lenders & Title Co.s have E&O insurance. So he just goes to the E&O provider and threatens a BIG lawsuit. E&O provider crunches the numbers and decides whether to pay or fight. If they figure it's cheaper to pay--that's what they do. Has nothing to do with whether or not an error actually was made--or even who made it. So Lender & Title have now decided...well, gee, let's spread this around some more & find a few more deep pockets.
Hello, Notary... we now require you to have a really deep pocket so your E&O carrier can shell out some of this money...and then your insurance rates can go up, too, just like ours do. Follow the money on this. Clear enough? |
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Shannon
California
360 Posts |
Posted - 03/27/2007 : 07:07:30 AM
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Ultimately, for me, it's about dollars and cents. I couldn't justify what this particular client would give me in terms of work over the next 4 years to make spending $6K pencil out. Funny, I did the same type of calculation when selecting my new vehicle this last year and choosing between the Civic and th Hybrid version. The Hybrid may have saved me some gas money but the extra $6K I would have spent up front to get the hybrid wouldn't have come back to me because I put 75,000 miles on my vehicle each year (just doing circles in SoCal). Unless I wanted to drive a rambling wreck with 500k miles on it....I don't think so.
Anyways, I abandoned the idea as unprofitable....thanks for the input though! |
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Lee-AR
Arkansas
678 Posts |
Posted - 03/27/2007 : 06:47:35 AM
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| Not to rain on your parade, but E&O only covers the 'notary' part of a signing agent's job. So, basically, it is pretty much worthless. And "you'll get a lot more business from us if you have it" sounds like "if you'd just come down on your fees" and "just do this one really late night one that's too far away"... Sounds good. Doesn't happen. |
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profnot
41 Posts |
Posted - 03/27/2007 : 05:33:57 AM
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Shannon
I've been wondering what is behind the lenders now wanting us to carry $100K and $500K policies.
I wonder if these lenders are dealing with riskier loans and expect lawsuits.
The subprime market is certainly being flooded with lawsuits right now. Plus the government seems to be scrutinizing lenders and TCs more now that number of foreclosures has risen steeply.
Everyone sure wants to blame the notary when a loan doesn't close. I'm certain we will be offered as the sacrifical lamb for whatever new schemes they have in mind!
Any thoughts?
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Shannon
California
360 Posts |
Posted - 01/22/2007 : 05:58:38 AM
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| Got a response from my provider....(Through Valley-Sierra)....Sending me a mountain of application to fill out before they will give an exact quote. They did, however, confirm verbally that the ANNUAL AMOUNT for this coverage is greater than $1500.00 I want the business but will have to have a strong guarantee that the work will offset this expense..... |
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crtowles
California
553 Posts |
Posted - 01/16/2007 : 11:51:23 PM
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It is going to be very expensive. I wiah I could be of more assistance. Let us know if you find any companies that offer it.
~Carmen |
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 01/14/2007 : 9:43:10 PM
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Check with your own insurance company. Many insurance companies have a wide range of products.
Legal Eagle Para Professional Services |
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Shannon
California
360 Posts |
Posted - 01/14/2007 : 04:13:06 AM
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I have a client that requires notaries working outside a particular Title Company (independently) provide E & O Coverage of $500,000.
Does anyone know where this coverage can be purchased in California?
I have the opportunity to greatly expand my business if I can get it, but providers I have spoken with only go up to 100K....
Thank You! |
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Topic |
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Dear Signing Agents,
E & O Coverage 500K...a little help?
Be the first person to vote!