Should an experienced signing agent like you be covered by
Signing Agent Errors & Omissions Insurance?
Absolutely. Here's why…
- Notary E&O Insurance only covers the notarizing you do in a signing. It does not cover your signing agent duties, such as reviewing the documents with the borrower, calculating rescission dates and returning the date-sensitive loan package.
- Lawsuits against signing agents are becoming more common. Even if you are innocent, you could still face significant legal expenses for defending yourself in a lawsuit—and the company who hired you is under no obligation to help you.
- As an independent signing agent, you have unlimited personal liability for losses caused by your errors during the signing.
Signing Agent E&O Insurance is designed to fill the gaps not covered by traditional Notary Errors & Omissions Insurance. This policy covers the following:
- Innocent errors or omissions related to signing agent notarial acts
- Incorrectly dating the right of rescission
- Missed initials or non-notarized signatures
- Unauthorized changes made to documents
- Untimely completion of the signing due to the sole negligence of the signing agent
- Slow return of date sensitive documents
The Pennsylvania Association of Notaries (PAN) is the first state association in the United States to provide Signing Agent E&O Insurance.
To qualify:
- You have been a notary for at least 6 months
- You have taken Signing Agent Training
- You are a member of a professional association
- You keep a register
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Select the desired Signing Agent E&O insurance policy below. Download the application, fill it out and return it to PAN. Then add the policy to your cart.
For more information, call PAN at 800-944-8790 or send us an email at eorequests@notary.org.
- Claims Made Policy
- Select this if you are purchasing Signing Agent E&O Insurance for the first time
- Tail Coverage Policy
- Select this if you previously purchased Signing Agent E&O Insurance but it has expired or was cancelled and normal coverage has ceased
- Purchase can only be made within 60 calendar days of the policy expiring or being cancelled.
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Claims Made Policy
PAN Signing Agent E&O Insurance coverage is a "claims made" policy that only responds if the claim is presented while the insurance is in force. If the policy expires or is cancelled, claims will be denied unless "tail coverage"** is purchased effective the day the policy expired or was cancelled.
Defense costs are a part of the limit of the liability in the policy and the payment by the company of defense costs reduces and may totally exhaust the limit of liability (the amount left to pay your claim).
With a claims made policy:
- Coverage is activated when a claim is made
- Claim must be made during the policy period
- Claim must be reported during the policy period**
- The wrongful act must occur on or after the first day the policy becomes effective; there can be no gaps in coverage, not even one day**
- Any claim made prior to the first day of coverage will not be covered
| Claims Made Policy (per claim/aggregate) |
Years |
Price |
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| $125,000/250,000 - $500 deductible |
1 |
$458.00 |
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| $125,000/250,000 - $1000 deductible |
1 |
$366.00 |
|
| $75,000/150,000 - $500 deductible |
1 |
$275.00 |
|
| $75,000/150,000 - $1000 deductible |
1 |
$220.00 |
|
**Tail coverage is available for up to three years for claims that may be presented after your policy expires or is cancelled and normal coverage ceases. You may only make this purchase at the time the policy expired or is cancelled.
Tail Coverage Policy
The person, persons or business for whom you did the signing may be having trouble making their mortgage payments. They look for a way to "get out" of the loan and it is discovered that you made an error which voids their mortgage. The broker then comes after you looking to you to pay off the loan.
By purchasing tail coverage, you can protect yourself from errors and omissions you made in your work while the policy was in force. You may purchase tail coverage for a one, two, or three-year limit.
| Tail Coverage Policy (per claim/aggregate) |
Years |
Price(per year) |
|
| $125,000/250,000 - $500 deductible |
|
$229.00 |
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| $125,000/250,000 - $1000 deductible |
|
$183.00 |
|
| $75,000/150,000 - $500 deductible |
|
$137.50 |
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| $75,000/150,000 - $1000 deductible |
|
$110.00 |
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Not a member? Visit E. R. Munro and Company for your insurance needs.
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