Notary Public Underwriters Blog
Notary and Signing Agent Insurance - What Are They and Do I Need Them?
- Details
- Published: April 17, 2023
Notary Public Errors and Omissions Insurance (E&O) and Signing Agent Errors & Omissions Insurance are similar but distinct types of insurance coverage. Many notaries wonder if they're necessary and, if so, which type should they have.
Notary Public E&O Insurance
Notary Public E&O Insurance provides coverage for mistakes or oversights made by a notary in the performance of their notarial duties, such as incorrectly witnessing a signature or failing to properly identify a signer. These types of policies do not require any reimbursement (up to the policy limit), and there is no deductible. It does not cover acts unrelated to notarizations.
Signing Agent Errors & Omissions Insurance
Signing Agent Errors & Omissions Insurance provides coverage specifically for Notary Signing Agents in the event of errors or omissions related to their work on real estate transactions. It covers claims that may arise from their services as a signing agent, such as improper corrections made to a loan document, missed initials or non-notarized signatures, or the delayed return of time-sensitive documents. Similar to auto insurance, the prices of these policies are based on the coverage amount and deductible.
Which Should I Get?
Whether you need one or both types of insurance depends on the specifics of your role as a notary. If you perform a variety of notary duties, including signing agent work, then having both types of insurance may provide a more comprehensive level of coverage. If you only perform traditional notary duties and do not act as a signing agent, then Notary E&O insurance may be sufficient.
How much coverage do I need?
We advise individuals to consider how often they will be notarizing as well as the monetary value of the documents they will be notarizing when determining a coverage amount. You should be aware that these policies will only provide coverage for you up to the policy limit. If you invest in a policy with a small limit and are sued for a higher amount, you will be responsible for paying the difference.
I'm already a notary, is it too late to have one?
It's never too late to have a policy and be protected. Just know that these policies will not provide coverage for prior notarizations. Our Notary Public E&O policies can be prorated based on the remaining length of term. Our Signing Agent Errors & Omissions policies are annual policies.
A safety net in life is never a bad idea. Invest in your future and protect yourself from financial loss today.
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