TUESDAY TABLE TALK - Be THANKful for your Notary Business!Nov 21, 2023
On this edition of TUESDAY TABLE TALK, Dena and Melissa talk about being THANKful for your Notary Business and four things that can happen to your business if you are not.
We at Notary Know How want to wish you and your family a very Blessed and Happy Thanksgiving!
Dena and Melissa
There has been a lot of talk here lately about Errors and Omissions Insurance and how it does not fully cover the Notary Signing Agent. Are you covered?
Alabama Loan Signing Agent Errors and Omissions Insurance
While all signing agents are notaries, not all notaries serve as signing agents. A notary's responsibilities are limited to conducting notarial acts, whereas signing agents undergo training to facilitate the presentation of loan documents to clients and assist lenders in the closing process. It's crucial to note that Notary Errors and Omissions (E&O) Insurance does not cover all losses resulting from errors during signings. For more specialized coverage, signing agents require Signing Agent Errors and Omissions (E&O) Insurance.
Notary E&O Insurance safeguards notaries in case a mistake made during notarization leads to financial losses for the client. However, it exclusively pertains to notarial acts and doesn't extend protection to signing agents when they engage in tasks like document review with clients, calculating rescission dates, or returning paperwork to the loan provider.
Signing Agent E&O Insurance is designed to bridge the gaps left by Notary E&O Insurance. Independent signing agents assume personal liability for losses stemming from errors during signings, and this insurance type covers:
- Innocent errors or omissions related to notarial acts by signing agents.
- Incorrect dating of the right of rescission.
- Missed initial or non-notarized signatures.
- Unauthorized alterations to documents.
- Neglect by signing agents in completing documents promptly.
- Delayed return of time-sensitive documents.
To be eligible for Signing Agent E&O Insurance offered through CNA Surety, you must have completed signing agent training, obtained certification, passed a criminal background check, maintained membership in a professional association, and maintained a journal.
It's essential to carry E&O insurance for both professions because even if you are innocent, you might still face substantial legal expenses when defending yourself against lawsuits.
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