The Notary Errors and Omissions Insurance policy is an essential backup for you if your notarization ever gets challenged. In case these are missing then you are quite on your own and might have to face some grave challenges and problems. A large number of notarization cases are followed by lawsuits that are being filed against them at a let stage. These notaries can even get entangled in legal disputes, even when most of the things about them happen to be right.
Are These Insurances Same As Bonds?
Well, to begin with, these E&O Insurances are not quite similar to Notary bonds. The E&O insurances are designed so that you can be protected from oversights or mistakes in financial transactions. This acts as a policy that covers the loss and also you helps in your in the legal defense process.
What All Does The E&O Insurance Cover?
As a notary employee, the insurance not just covers you but also gives protection to your employers. An E&O Insurance although not a notary bond not just helps to cover the claims against you but also covers the expense and the cost that is incurred due to the fess of the advocate and other court proceedings. It also covers you agent’s human’s errors and intentional mistakes. However such insurance only covers your notarial acts and will not help you in any other liability claims.
The E&O insurance can give you different types of coverage. There are corporate contracts that look for higher coverage sums. When you go for this insurance make a very careful analysis of your assets as per which the coverage sum must be set and fixed.
Just as premiums for Notary bonds can be different the prices of the E&O insurances can also be quite different. Each one of them comes with different types of coverages. The coverage will be provided as per the terms and conditions of the policy. Yet again the coverage will be provided only for the stipulated time.
Conclusion – These E&O policies and insurances are technical elements and aspects that require precise understanding and knowledge. In case you do not possess this understanding, then you can end up taking the wrong policy. This will compromise your benefit in the long run. Hence always seek help from the professional experts in this matter. This will help you to handle the matter like a pro at any time.