Requirement:
Before a person can act as a notary, he/she
must file a $1,000.00 surety bond, the notary commission
and a $10.00 filing fee with the Secretary of State. The notary bond must be signed
by one or more sureties and be approved by the Secretary of State. It must be written for a term of four years
covering the same time period as the notary commission.
Error and Omissions Insurance
Protects the Notary
PROTECT YOURSELF!
What is Errors and Omissions insurance? Protection
against errors and omissions for acts committed while
acting in the capacity of a notary public. Notarial
lawsuits are becoming more common every day. Even
if the suit is not valid, you can incur thousands
of dollars in legal fees while defending yourself.
Can you afford a costly lawsuit? You need to protect
your notarial acts just as you protect your home,
car and other personal effects with insurance. Notary
Public Errors and Omissions Insurance is your only
safeguard against costly lawsuits.
Through Western Surety Company, we can
offer you a low cost Errors and Omissions insurance
policy for your protection. It features:
• No Deductible
• Fewer exclusions than similar policies sold
by other companies.
• Coverage of defense costs, subject to policy
provisions.
• Policies may be purchased at a nominal premium
with various limits.
• The term of the policy is the same as your
notary commission.
YOUR NOTARY BOND DOES
NOT
COVER YOU IN THESE CASES:
Recently a notary witnessed signatures in a real estate
transaction which later proved to be forgeries. Even
though she was acting on instructions from her boss,
that notary was held liable for $5,000 in damages
and $2,493 in court costs.
A notary was sued for allegedly affixing
her seal to a forged signature on a certificate of
title. Although judgement was finally rendered in
favor of the notary, she incurred $560 in legal fees.
Claimant loaned $15,000 to a married
couple. The couple went through a divorce, and it
was proven that the acknowedged signature of the wife
on a deed to trust was a forgery. The insurer paid
$9,900 settlement on this policy and incurred attorney
fees of $450.
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