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An errors and omissions (E&O) insurance policy protects a notary public against accusations of professional negligence. While not required by state law, we strongly recommend this form of professional liability insurance to all notaries.
An E&O policy is different from general liability insurance, which usually covers bodily injury or property damage. E&O insurance is designed to cover the personal and financial consequences that may come from a notarization mistake.
In general, E&O insurance covers legal costs, settlements and judgments that can arise from claims of professional negligence, mistakes or omissions.
Specific allegations that notaries in South Carolina may face:
Notaries.com offers different professional liability insurance coverage options for a variety of budgets. No matter what level of coverage you choose, feel confident knowing that they are all underwritten by the Travelers Indemnity Company and require no deductible or loss repayment.
Plans start at $120 for $20,000 of coverage. All policies last for the entire 10-year commission term, meaning you can protect yourself for as little as $1 per month.
The amount of coverage you need depends on personal preference and your own risk management skills. If you are a recently commissioned notary in South Carolina who works with affidavits or relatively small wills, you might feel comfortable choosing a policy with a lower dollar limit.
Experienced notaries who work with higher-value documents, like large trusts, should choose a policy limit based on the value of recent transactions.
Notary signing agents, who often work with valuable loan documents like mortgages, should also consider a policy with a higher coverage limit to protect themselves from paying massive legal bills.
When deciding on a policy, keep in mind that illegal acts, intentional deeds of wrongdoing, criminal activity and bodily injury inflicted by you or your business are not covered.
According to Travelers, a claim can take several different forms. It could be a demand for money or services, a civil proceeding or a similar pleading. Let's walk through a hypothetical example where you would need to protect yourself.
You've had a long day and feel distracted. During a routine notarization, you accidentally miss a place where your client needs to sign the document. Later, that client sues you and claims the missing signature voided a large transaction and cost them a lot of money.
Without E&O insurance, you would be solely responsible for all costs related to the lawsuit. But since you purchased a policy from Notaries.com, you have other options.
The first thing to do is contact your insurance broker as soon as possible. You can also file a claim online or reach Travelers directly using the following methods:
Email: BSIClaims@travelers.com
Phone: 1.800.842.8496
Fax: 1.888.460.6622
Mailing Address:
Travelers Bond & Specialty Insurance Claim
P.O. Box 2989
Hartford, CT 06104-2989
Once your claim is filed, Travelers says it will generally go through these four steps:
Unfortunately, professional errors can happen to anyone. The best time to purchase this insurance is before someone files a claim against you. Secure your future as a South Carolina notary today!
Get protection for the full term of your South Carolina notary commission.