Chillicious.comAll About Finance
Many Professionals Need Errors And Omissions Insurance
Any business that provides professional services should have errors & omissions insurance to protect their personal assets.
Notaries Public should be sure that they also have errors and omissions insurance. This insurance offers coverage in the event of a mistake being made in your professional work.
Notaries are often validating signatures for multi-million dollar sales. In a world where the lawsuit is the answer to everyone’s problem, a notary does not need to be held liable for services that were provided in good faith, where an honest mistake was made.
Notaries have been sued for notarizing documents that were signed by persons who had stolen the identity of another person. Even though the notary saw the state issued driver’s license, the homeowner and bank involved in the case sued the notary. By having errors and omissions insurance, the notary is covered in such events.
Many notaries are under the mistaken impression that their employers insurance or their bond will cover them when an error or omission is made. The notary commission belongs to a person and not to the company. Therefore, you can be sued as a person and on a personal level for any mistake real or perceived, made in the performance of your duty. Some notaries have had to file personal bankruptcy due to a lawsuit.
A better way is to pay the small fee to purchase errors and omissions insurance. The insurance company will provide lawyers for your defense and will pay up to the amount agreed upon when the insurance was purchased.
Errors can be easily made, with no intent to defraud anyone. Even diligent notaries can be fooled by forged identities or by state issued identification cards that have been obtained under false pretenses. Do not let someone else’s dishonesty ruin your personal life.
Comments are closed
