The latest in notary, Apostille, and business news from New York, NY.
A Notary’s essential duty is to authenticate identities to protect consumers from fraud. But if one of your notarizations is challenged, who protects you? If you do not have a Notary Errors and Omissions (E&O) insurance policy, you’re on your own.
Read MoreThe surety bond most states require Notaries to buy is designed to protect consumers, not the Notary. If someone files a claim against you, and a loss is paid out of your bond, your bond company will come after you to repay the amount of the loss and any legal costs. If you had a full loss on a $15,000 bond, for example, your total tab could run $20,000 or more.
Read MoreUpdated 6-9-20. A Notary’s essential duty is to authenticate identities to protect consumers from fraud. But if one of your notarizations is challenged, who protects you? If you do not have a Notary Errors and Omissions (E&O) insurance policy, you’re on your own.
While most Notaries will never have a claim made against them, lawsuits are becoming more common and often are filed months after the notarization in question was performed. Notaries can even get embroiled in legal disputes even when they have done everything right.
You may purchase E&O insurance when you become a Notary or when you renew. To help you understand how E&O insurance works, here are things to keep in mind:
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