Illinois Signing Agent Errors and Omissions Insurance
Illinois Signing Agent Errors & Omissions Insurance is a new product available to you by Notary Public of America. It fills the gaps left with a traditional notary E&O policy, which only provides coverage for the actual notarizations in a loan package.
This policy provides coverage for actions such as:
- Innocent errors or omissions related to signing agent specific notarial acts
- Incorrectly dating the Right of Rescission
- Missed initials or non-notarized signatures
- Improper corrections made to documents
- Failure to complete the signing on time due to the sole negligence of the signing agent
- Late return of date-sensitive documents
Can You Afford the Consequences of a Mistake?
What was the value of your last closing? A fraction of the payout could be devastating. Lawsuits involving loan closings and notaries are rapidly increasing, and the notaries involved in these transactions are paying the price.
- A Notary Signing Agent completed a loan closing and was responsible for returning the documents via expedited mail. However, the Notary accidentally threw away the wrong envelope and the documents were never sent.
- A signing agent completed a closing, put the documents in the mail, and completed all required assignments. However, the title company never received the documents and accused the signing agent of never sending them and delaying the closing.
- A mortgage lender sued a signing agent for failing to provide customers with copies of documents, which resulted in a change in rescission date.
All Signing Agents were held liable for damages in the above examples. Traditional Notary Errors & Omissions Insurance does not protect you in these cases — only Signing Agent Errors & Omissions Insurance can.
Signing Agent Insurance is available by CNA Surety and is underwritten by Western Surety Company. CNA Surety, one of the largest surety companies, is known for its expert underwriting, financial strength and market leadership.
If you have any questions, please contact our customer service team, we're happy to help!