This link will take you to the NOTARIES EQUIPMENT COMPANY website, a subsidiary of M. BURR KEIM COMPANY.
Errors and Omissions insurance provides protection in the event that you commit a negligent act or make an error or omission while acting as a notary if the error or omission causes a loss to a customer. Errors and Omissions insurance protects you up to the amount of the policy. Most policies also provide you with legal defense at no additional cost.Your notary bond does not protect you; it protects your customers. When a bonding company pays for a loss on a notary bond it has the legal right to recover the loss from you.
Errors and Omissions insurance protects you and there is no reimbursement to the insurance company from you.
Even simple oversights, such as a failure to affix your notary seal or to properly identify the customer could subject you to be personally liable for losses.
Notarial lawsuits are becoming more common every day. And even the smallest mistake can be very costly. Your notary bond protects the public. But it doesn’t protect you.
For example:
The attorney for the insured’s employer, a bank, gave notice of a lawsuit in which the plaintiff’s signature was allegedly forged on a deed. The plaintiff sought cancellation of the deed. The insurer paid $25,000, the full limit of the policy.
Claimants loaned $15,000 to a married couple. The couple went through a divorce, and it was proven that the acknowledged signature of the wife on a deed of trust was a forgery. The insurer paid a $9,900 settlement on this policy and incurred attorney fees of $460.
A lawsuit was brought against a notary covered by a group policy issued to her employer, a title company. The plaintiffs alleged that the notary negligently acknowledged forged signatures on an indemnity agreement. A claim of $15,000 was paid.
Fortunately, They Had Notary Public Errors And Omissions Insurance.
Because Notary Public Errors and Omissions Insurance protected the notaries in these examples, their losses were covered. And the Surety Company was there to help pay for the damages and legal costs. Can you afford a lawsuit because you made an innocent mistake and were an easy target for someone trying to recover losses? Notary Public Errors and Omissions Insurance will safeguard you against costly and time-consuming lawsuits. Even if the suit is not valid, you could still be faced with a legal bill for defending yourself. If you aren’t insured, you’ll pay those defense costs out of your own pocket, win or lose.
