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.