Errors and Omissions Insurance for CA Loan Signing Agents | AmeriPro Surety Bonds |
California Notary: Loan Signing Agents
California notary agents who specialize in loan signing documents — those documents which must be witnessed and notarized for persons purchasing, refinancing, or doing some other deed-related matter involving a home or mortgage — shoulder a BIG responsibility.
On such notaries, the difference between a loan closing on time, and one which is delayed, can be pretty substantial.
Not only is it crucial to get the loan signing done correctly –the first time around— but, just in terms of being in business for yourself, it just makes good sense to purchase legal protection for yourself, especially when the costs are so low and reasonable.
Recall that when the California Secretary of State granted your notary commission, you were required to appear in person or send by mail, the filing of your two oaths of office.
Along with the oaths of office, you were required to file a $15,000 surety bond, which is issued to run concurrently with your notary commission.
In California, that commission is for four years.
The Notary Bond
Recall also that the $15,000 California notary bond protects others from wrongful, fraudulent, or criminal acts committed by the notary.
We are not suggesting, of course, that you would ever consider doing anything untoward with your notary license.
However, it is a requirement of the California Secretary of State. Without the bond, no license will be issued, and your commission will be rendered invalid.
Importantly, then, the notary bond does not protect the notary in the least.
Rather, this surety bond, protects others from the notary.
Errors and Omissions Insurance
When you received your commission, or just before receiving your commission in the mail, you perhaps received a lot of mail from companies offering to manufacture your notary stamp, provide your bond, and your book for notarial acts.
You were also offered E&O insurance, which is a good thing.
Because, whereas the notary bond protects the public from wrongful acts, an E&O policy protects the notary.
In short, the E&O policy is an insurance policy for the notary.
E&O Insurance for California Loan Signing Agents
While Errors and Omissions insurance is wise for any notary to have, what would be unfortunate is to have the wrong type of E&O insurance should there ever be a claim.
California notaries who specialize in or whose “notarial acts” are predominantly loan signing duties, want to maintain E&O insurance for loan signing agents.
This E&O insurance for loan agents can be held in addition to any existing E&O insurance policies.
Amount of Coverage for a Loan Signing Agent E&O Policy
There are two levels of coverage:
$75,000 Per Claim/ $150,000 aggregate
$125,000 Per Claim /$250,000 aggregate
The deductible, to be selected by you, will be $500 or $1000.
Cost of the E&O Insurance for CA Loan Agents
While there is no credit check for E&O loan agent insurance, the amount of premium you will pay will be determined by:
- The amount of coverage you select;
- The deductible you select (a higher deductible will have a lower premium);
- Whether you have had prior claims on any E&O insurance;
- Whether or not you handle funds related to your loan signing agent duties;
- Whether you have had a criminal background check done;
- Whether or not you keep a journal of notarial acts.
AmeriPro Surety Bonds
AmeriPro Surety Bonds offers California notary agents (and notary agents anywhere in the US) errors and omissions insurance designed specifically for loan signing agents.
Please call us today: We will fill out the E and O loan signing application for you and have it issued to you once we receive pricing information.
AmeriPro Surety Bonds offers notary, errors and omissions insurance, contractor bonds, and license and permit bonds, in all 50 states.
Call AmeriPro Surety Bonds today at 844-589-9732