Signing Agent
Errors and Omissions Insurance covers, among other things:
- Properly identifying
the borrowers
- Obtaining all other
signatures and initials
- Notarizing the
documents
- Correctly dating
the documents
- Completing the
closing in the time frame specified
- Returning the documents
promptly.
Signing Agent
E&O Insurance will not cover:
- Rendering advice
or opinion on a potential loan (unauthorized practice of law)
- Notarizing without
the physical presence of the signer. This is a difference between Notary
Public E&O and Signing Agent E&O.
- Non-real estate
transactions. A notary also doing general notary work should continue
to carry traditional Notary E&O insurance. A claim regarding the
notarization of real estate documents could, potentially, be covered
by both policies.
Type of coverage:
- Claims-made
- No retroactive
coverage
- Defense within
Limits
Underwriting
emphasis:
- Primarily, experience
as a signing agent
- Training as a signing
agent, if limited experience handling signings
- Association membership
(for continuing education, answering questions, etc.)
- Maintaining a notary
journal
Limits, Deductibles,
and Rates:
Per
Claim/Aggregate |
$500
deductible |
$1,000
deductible |
$75K/$150K |
$275 |
$220 |
$125K/$250K |
$458 |
$366 |
- Rates are annual.
- Tail coverage will
be offered at 50% of the annual premium times the number of years desired.
Will offer 1-3 years unless a particular state requires more.
Approved States,
so far:
| Alabama |
Indiana |
Montana |
South Dakota |
| Alaska |
Iowa |
Nebraska |
Tennessee |
| Arizona |
Kansas |
Nevada |
Texas |
| Colorado |
Kentucky |
North Dakota |
Utah |
| Delaware |
Maine |
Oklahoma |
Washington DC |
| Georgia |
Maryland |
Ohio |
West Virginia |
| Hawaii |
Michigan |
Oregon |
Wisconsin |
| Idaho |
Mississippi |
Pennsylvania |
|
| Illinois |
Missouri |
South Carolina |
|
CLICK
HERE FOR SIGNING AGENT APPLICATION
back
|