Bonds and E&O Insurance Handbook - National Notary
Your Notary InsuranceWhat is E&O Insurance?Errors and Omissions (E&O) is an insurance policy that protects an individual Notary’s financial assets in the event that a document signer or party relying on a notarial act is injured by the Notary’s error or omission.Notaries, like other professionals such as lawyers, accountants, architects and doctors, have an exposure to liability for the services they perform. In the case of Notaries, state statutes uniformly affirm that a Notary has unlimited financial liability to the public harmed by an error or omission committed by the Notary.What are the features and benefits of E&O insurance?1. One affordable premiumNNA Notary insurance policies may be obtained for the duration of the full term of commissioning or in yearly terms. You pay one low premium at the time the policy is purchased. Unlike health and auto insurance, there are no monthly premiums necessary to keep the policy in force.2. No deductibleUnlike health and car insurance, there is no co-pay or deductible that must be satisfied before insurance pays on a claim. The only payment you make is the policy premium to activate the policy at the beginning of the policy term.3. Coverage when you are no longer a NotaryIf you had a policy in force at the time you committed the error or omission, then your policy will cover you even if you are no longer a Notary or have terminated your insurance policy, provided the action against your policy is commenced within the applicable statute of limitations period.How Much Insurance Do I Need?The answer to this question is based on each Notary’s individual situation and assessment of personal risk. Generally speaking, if you are commissioned in a state that requires a Notary bond, it makes sense to at least obtain an E&O policy that will cover the amount of the bond. If you plan to notarize documents where the risk of financial loss is great (such as real property transactions), the NNA also offers higher E&O policy limits that provide increased protection at very affordable rates.What is covered and excluded by E&O insurance?E&O, as the name implies, covers both errors and omissions. Generally speaking, E&O insurance covers a mistake made by a Notary that causes financial harm to a document signer or relying party. A mistake can be an “error” – an act the Notary should not have done. A mistake can also be an “omission” – an act left undone that the Notary should have performed. An E&O policy provided through the NNA will cover defense costs incurred in investigating, defending or settling liability up to the policy limit. It is important to note that E&O insurance covers only unintentional or negligent errors and omissions; E&O insurance will not cover intentional errors or acts. ................
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