Signing Agent Errors & Omissions Insurance

Signing Agent Errors and Omissions Insurance covers, among other things:

  • Properly identifying the borrowers
  • Obtaining all other signatures and initials
  • Notarizing the documents
  • Correctly dating the documents
  • Completing the closing in the time frame specified
  • Returning the documents promptly

 

Signing Agent E&O Insurance will not cover:

  • Rendering advice or opinion on a potential loan (unauthorized practice of law)
  • Notarizing without the physical presence of the signer. This is a difference between Notary Public E&O and Signing Agent E&O.
  • Non-real estate transactions. A notary also doing general notary work should continue to carry traditional Notary E&O insurance. A claim regarding the notarization of real estate documents could, potentially, be covered by both policies.

 

Type of coverage:

  • Claims-made
  • No retroactive coverage
  • Defense within Limits

 

Underwriting emphasis:

  • Primarily, experience as a signing agent
  • Training as a signing agent, if limited experience handling signings
  • Association membership (for continuing education, answering questions, etc.)
  • Maintaining a notary journal

Limits, Deductibles, and Rates:

Per Claim/Aggregate $500 deductible $1,000 deductible
Per Claim/Aggregate $75K/$150K
$500 deductible $275
$1,000 deductible $220
Per Claim/Aggregate $125K/$250K
$500 deductible $458
$1,000 deductible $366
  • Rates are annual.
  • Tail coverage will be offered at 50% of the annual premium times the number of years desired. Will offer 1-3 years unless a particular state requires more.

Approved States, so far:

Alabama
Alaska
Arizona
Colorado
Delaware
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa

Kansas
Kentucky
Maine
Maryland
Michigan
Mississippi
Missouri
Montana
Nebraska
Nevada
North Dakota

Oklahoma
Ohio
Oregon
Pennsylvania
South Carolina
South Dakota
Tennessee
Texas
Utah
Washington DC
West Virginia
Wisconsin