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Notary Notes

Signing Agent Versus Notary Errors and Omissions (E&O) Insurance

by PAN

All signing agents are notaries, but not all notaries are signing agents. A notary’s duties stop at performing notarial acts. Signing agents are trained to present loan documents to customers and assist lenders in the closing process. Notary Errors and Omissions (E&O) Insurance will not cover all losses caused by errors that take place during signings. For more specific coverage, the signing agent needs Signing Agent Errors and Omissions (E&O) Insurance.

Notary E&O protects the notary when a mistake is made during a notarization that causes the client to suffer a financial loss. Notary E&O only covers notary acts. It does not protect a signing agent when reviewing documents with the customer, providing rescission date calculations, or returning the paperwork to the loan provider.

Signing Agent E&O helps to fill the gaps not covered by Notary E&O Insurance. As an independent signing agent, you have unlimited personal liability for losses caused by errors you make during the signing. Signing Agent E&O Insurance will provide coverage for:

  • Innocent errors or omissions related to signing agent notarial acts
  • Incorrectly dating the right of rescission
  • Missed initial or non-notarized signatures
  • Unauthorized changes to documents
  • Negligence of the signing agent to complete the documents in a timely manner
  • Slow return of date sensitive documents

To qualify for Signing Agent E&O Insurance through PAN’s insurance broker E.R. Munro & Company, you are required to have taken signing agent training and earned certification, hold membership in a professional association, and keep a journal.

It is important to have E&O insurance for both professions. Even if you are innocent, you could still face significant legal expenses for defending yourself in a lawsuit.

If you are a PAN member, contact us for information regarding Notary E&O Insurance. PAN’s Notary E&O policies for members are obtained from our insurance broker E. R. Munro & Company.

If you are not a PAN member but are interested in Notary E&O or for more information on Signing Agent E&O, please visit E. R. Munro & Company or call 877-ERMUNRO (376-8676) to speak with an insurance agent.

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