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:
- No retroactive coverage
- Defense within Limits
- 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|
- 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: