Things you should know as you become a Notary!
Can you afford a lawsuit because you made an innocent mistake and were an easy target for someone trying to recover losses? Notary Public Errors and Omissions insurance safeguards you against costly and time consuming lawsuits. Even if the suit is not valid, you could still be faced with a legal bill for defending yourself. If you are not insured, you will pay those defense costs out of your own pocket, win or lose.
Just remember, your Notary Bond protects the public. It does not protect YOU! Your Errors and Omissions Insurance Policy protects you! Here are some examples:
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The attorney for the insured's employer, a bank, gave notice of a lawsuit in which the plaintiff's signature was allegedly forged on a deed. The plaintiff sought cancellation of the deed. The insurer paid $25,000, the full limit of the policy
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Claimants loaned $15,000 to a married couple. The couple went through a divorce, and it was proven that the acknowledged signature of the wife on a deed of trust was a forgery. The insurer paid a $9,900 settlement on this policy and incurred attorney fees of $460.00
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A lawsuit was brought against a notary covered by a group policy issued to her employer, a title company. The plaintiffs alleged that the notary negligently acknowledged forged signatures on an indemnity agreement. A claim of $15,000 was paid.
LUCKILY, THEY HAD NOTARY PUBLIC ERRORS AND OMISSIONS INSURANCE!
