P.O. Box 69-3002 MIAMI FL 33269
“Why do I need E&O Liability Insurance?
Aaron
Notary
Appointment
Services
Inc.,
as
part
of
our
continuing
efforts
to
provide
you
with
the
best
information
and
service.
We
present
you
the
best
example
of
why
is
important
to
have
Errors
&
Omissions Insurance Coverage:
A
friend
of
Marie
(Notary
Public)
by
the
name
Susan
and
Susan’s
father
Roy
came
to
Marie’s
office
to
get
some
papers
notarized.
Marie
personally
knew
both
Susan
and
Roy
and
notarized
a
number
of
documents
for
them.
Later
that
day,
Susan
returned
with
another
document
they
had
forgotten.
The
document
was
signed
by
Roy
and
needed
to
be
notarized.
Susan
explained
that
Roy
could
not
leave
work
and
asked
Marie
to
notarize
the
signature
even
though Roy was not present.
Marie did so. Should Marie have notarized Roy’s signature?
NO!
Now, for the rest of the story . . .
The
document
was
a
deed
transferring
ownership
of
Roy’s
home
to
Susan.
Roy
did
not
sign
the
document
—
Susan
forged
his
signature.
Using
the
deed
as
security,
Susan
obtained
a
loan
for
$27,900.
Susan
never
made
any
payments, and the bank began foreclosure proceedings on the property.
Roy
filed
a
lawsuit
against
the
bank
for
relying
upon
a
fraudulent
deed.
The
bank
filed
a
lawsuit
against
Marie
for
her
illegal
notarization.
The
bank
lost
their
claim
to
the
property
and
Roy
got
his
property
back.
But,
the
Court
awarded the bank a judgment against Marie for $27,900.
Additionally, Marie’s bonding company paid out the entire amount of her bond ($7,500) to the bank, which she was
required to repay. By doing a favor for a friend, the notary was held liable for her improper notarization and had to
pay back almost $30,000!.
Be Careful — It could happen to you!
Notary Bonds and E&O
Insurance policies are
underwritten by RLI
Insurance Co. and
Contractors Bonding and
Insurance Co. a A+ Rated
by A.M. Best