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Errors & Omissions Insurance FAQ

 

What is Notary Errors and Omissions Insurance?
Why should I have Errors and Omissions Insurance?
I have a Notary Bond. Doesn't that protect me?
Is Errors and Omissions Insurance required by law?
Can a Notary be held personally and financially responsible for their notarial acts?
What about my employer? Don't they cover me for this?
What if someone just thinks I made a mistake? Can I still be sued?
What types of losses are covered?
What are the coverage limits?
If a claim is paid on my behalf, do I need to repay any money?
If I'm sued, will Errors and Omissions Insurance pay my legal expenses?
Is Errors & Omissions Insurance coverage expensive?
How do I get coverage?
How do I increase the coverage of my Notary Errors and Omissions Insurance?
I have Notary Errors and Omissions Insurance, but I still receive information asking me to purchase a policy.
I am commissioned in more than one state. Do I need multiple policies?


What is Notary Errors and Omissions Insurance?

NNA Notary Errors and Omissions (E&O) Insurance is liability coverage designed to protect your personal and professional assets in the event you make a mistake during the notarial process that causes your client to suffer financial loss.

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Why should I have Errors and Omissions Insurance?

Errors and Omissions Insurance safeguards you against mistakes that can happen with any notarization. It only takes one of those mistakes to potentially lose your savings account, your home, maybe even your business! Protecting yourself and your assets is very affordable. Enjoy peace of mind while on the job…activate your Notary Errors and Omissions Insurance policy now. Protect yourself against liability for just pennies a day.

Consider these actual cases:

A property owner and a bank filed a lawsuit against a Notary alleging negligence in the notarization process that cost them substantial sums of money. In spite of the fact that the Notary had done nothing wrong in the transaction, unbeknownst to her, she had been deceived by identity thieves. The Notary ultimately chose to pay money to settle both lawsuits rather than endure the unpleasantness and added financial burden of prolonged litigation. E & O Insurance would have protected her.

Several lawsuits were filed against a Notary alleging that some of the signatures she had notarized were forgeries, even though she was assured by her boss that they were okay. Without E&O Insurance, and unprotected by her company’s policy, the Notary was forced to file personal bankruptcy rather than try to defend the lawsuits.

A bank filed a lawsuit against a Notary claiming that an unpaid, uncollectible loan was due to the negligence of the Notary for the apparent notarization of a forged signature. The Notary immediately contacted his Errors & Omissions Insurance carrier, cooperated with the carrier's defense of the lawsuit and it was ultimately settled by the carrier within the limit of the policy. The Notary was not held liable for any out-of-pocket costs associated with the matter, nor was he inconvenienced with added work, the E&O Insurance carrier handled the matter for him.

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I have a Notary Bond. Doesn't that protect me?

No. It is a common misunderstanding that a state-required Notary bond protects Notaries. It does not. The Notary bond protects the public. If the surety company makes a payment on your claim, you are required to pay them back. The NNA's Notary E&O Insurance pays your claim and legal expenses up to your policy limit — you don't have to pay a deductible. Plus, it provides you with expert legal defense at no extra cost.

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Is Errors and Omissions Insurance required by law?

No, it's not, but why not reduce your risk and avoid the financial loss of a potential lawsuit? It's protection and peace of mind for YOU. Your car insurance provides you with protection, too. Whether or not it is required by law is secondary to your protection.

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Can a Notary be held personally and financially responsible for their notarial acts?

Yes. Notaries can be held personally liable for the full amount of damages caused by any misconduct in performing a notarization.

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What about my employer? Don't they cover me for this?

The Notary commission is yours, not your employer's. Just as you are responsible for your seal and journal, you are responsible for your notarial acts. Even if your employer carries business liability insurance, that insurance may not protect you from liability for your notarial acts.

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What if someone just thinks I made a mistake? Can I still be sued?

Yes, and in today’s litigious environment, the cost of defending yourself can be significant. E & O Insurance provides peace of mind and protection of your personal assets, even when you are simply accused of wrongdoing.

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What types of losses are covered?

NNA Notary Errors and Omissions Insurance will absorb the costs of claims and lawsuits resulting from the Notary’s unintentional errors, up to the policy limit. Not only will E&O Insurance pay out damages to an injured party after a court verdict or out-of-court settlement, but it will also absorb attorney’s fees, court costs and other defense costs up to the policy limit. In some circumstances, your policy can be used to repay a loss on your bond. Even if the claim isn’t valid, you could still be faced with court costs for defending yourself. Without Errors and Omissions coverage, these costs would come out of your pocket.

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What are the coverage limits?

NNA Errors and Omissions Insurance will cover the insured Notary for unintentional damaging actions performed during the term of their policy, up to the policy limit. Information on liability limits and terms are shown on Errors and Omission (E&O) Insurance page. As long as the notarial act occurred within an E&O policy’s effective term, it is not unusual for the policy to cover resulting claims presented after its expiration date.

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If a claim is paid on my behalf, do I need to repay any money?

No. The NNA's Notary E&O Insurance pays your claim and legal expenses up to your policy limit — you don't ever have to pay a deductible and you do not have to pay it back.

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If I'm sued, will Errors and Omissions Insurance pay my legal expenses?

Yes. Your policy will pay for your legal expenses up to your policy limit.

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Is Errors & Omissions Insurance coverage expensive?

The NNA is aware of the wide range of incomes Notaries can earn and has affordable plans to meet different budget levels. No matter what the cost, consider the alternative without insurance. In the event of a lawsuit, you could end up paying huge legal fees and other costs out of your own pocket. It is simply not worth the financial risk.

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How do I get coverage?

Simply select the right coverage for your needs through the online form or contact the NNA at 1-800-US NOTARY (1-800-876-6827), then forward a copy of your commission certificate to the NNA.

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How do I increase the coverage of my Notary Errors and Omissions Insurance?

To increase your Errors & Omissions coverage, call us toll-free at 1-800-US NOTARY (1-800-876-6827).

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I have Notary Errors and Omissions Insurance, but I still receive information asking me to purchase a policy.

It may be time to renew your coverage, which can be done either online in the Insurance & Bonds area or by calling 1-800-US NOTARY (1-800-876-6827).

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I am commissioned in more than one state. Do I need multiple policies?

No. You only need one policy to cover all of your notarizations.

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Has your question been answered? Contact us if you need additional assistance.