- What’s the Difference? Notary Bond vs Errors and Omissions Insurance What You Need to Know
- Bonds & E&O Insurance – What’s the Difference?
What’s the Difference? Notary Bond vs Errors and Omissions Insurance What You Need to Know
Frequently Asked Questions regarding Errors & Omissions Insurance.and
Your data is safe with us! Return to Notary News and Advice. The Situation: We received a call from a notary who was concerned that she may be sued as a result of an incorrectly performed notarial act. The Solution: Many states require that a notary public be bonded throughout the term of his or her commission. Obtaining the surety bond is a part of the application or renewal process. Although the surety bond is similar to an insurance product, it does not protect the notary. The bond is meant to compensate others who have suffered a loss due to an improper notarial act having been performed by a notary.
For over 4 Million Notaries in America, their seals and stamps are a solemn tool to be used with great integrity National Notary Association, Notaries are generally viewed as trustworthy individuals handling the most important documents with the entire purpose to serve as an impartial witness. On any given day a Notary Public may validate the most vital records including mortgages, deeds, wills, and power of attorney. If you were making a mistake in your Notary role, how do you plan to correct the mistake and make the customer whole again? Do you want to protect yourself from unwanted -legal expenses and lawsuits? The Notary Bond is essentially like a line of credit. The Surety Bond Company will pay the customer the maximum amount requested and allowed under the Bond terms.
We outline the difference between Notary Errors and Omissions (E&O) Insurance and Notary Surety Bonds and why you need one or the other.
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We all make mistakes, due to fatigue, distraction and being over-worked. Unfortunately, when you make a mistake as a notary, you are dealing with important and sensitive documents. Even an unintentional error can cost you a lot of money. You don't want to put your personal or business assets at risk, which is why notary insurance may be a smart investment. Notary insurance primarily consists of an errors and omissions policy that protects you if a client experiences a loss or injury due to your negligence, misinformation or other errors. Additionally, there are other business coverage types you may want to include in your insurance portfolio. These include:.
Bonds & E&O Insurance – What’s the Difference?
Notary insurance is an E&O policy that protects you if a client has a loss or injury due to negligence. Get a quote from an independent agent today.
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