Oregon State requires a notary to be bonded, but……
NOTARY BONDS ONLY PROTECT THE PUBLIC.
INSURANCE PROTECTS THE NOTARY.
No deductible! Covers defense costs!
Protects against errors and omissions.
Policy is available in either Individual or Group form.
Employers are covered under a group policy at no additional charge.
Additional notaries covered automatically under group policy, during current policy period.
What is Errors & Omissions Insurance?
It is an optional form of insurance that protects you in the event a claim is made against your State required Notary bond. The bond itself protects only the public you serve. The bonding company will expect you the notary to reimburse them for any claims paid on the bond.
Errors & Omissions insurance coverage will pay for these claims up to the limit of the policy. Attorney fees are included (up to half the limit of the policy) in the total amount of coverage. Claims for damages and attorney fees cannot exceed policy limit.
I only use my commission at work. Why do I need insurance?
YOU are responsible for payment of any claims made on the bond, not your employer. Even if your firm carries a professional liability policy it may not cover notarial acts and your employer may refuse to accept responsibility for your actions. Also, many claims are not filed until sometime after the act has taken place and the company policy may not cover you if you’re no longer employed with the company.
My company would like to provide coverage for all of us. How would that work?
Unlike the individual coverage, group policies do not need to name the employees to be covered. This policy is written based on the number of notaries on staff. It is billed to you on a yearly basis, with premium based on the number of employees acting as notaries at each renewal.
How can I make sure I’m protected?
You can sign up for Errors and Omissions coverage by clicking here to log in or create a profile where you can then order your insurance, selecting the coverage that is right for you.
How much does coverage cost?
INDIVIDUAL COVERAGE:
THIS IS A ONE-TIME PREMIUM FOR THE FOUR-YEAR TERM, WRITTEN IN THE NAME OF THE NOTARY. Please request if you wish for a policy to be prorated and end at the term of your commission.
| $10,000.00 | $40.00 |
| $15,000.00 | $50.00 |
| $25,000.00 | $60.00 |
| $30,000.00 | $70.00 |
| $50,000.00 | $100.00 |
| $100,000.00 | $200.00 |
GROUP COVERAGE:
AN ANNUAL POLICY WRITTEN IN THE NAME OF THE COMPANY, COVERING EMPLOYEES FOR NOTARIAL ACTS WHILE EMPLOYEED.
Many employers make this choice because the policy only numbers, not names the notaries. This way if one person leaves and they are replaced no changes are needed to the insurance policy.
These are yearly premiums and the policy is only in effect if the premiums are paid.
To calculate your premium simply select the amount of coverage you want then multiply the number of notaries on staff with the per person premium.
| Policy Amount | # of Notaries | Total Premium | |
|---|---|---|---|
| $10,000.00 | __________ | x $10.00 | __________ |
| $15,000.00 | __________ | x $12.50 | __________ |
| $25,000.00 | __________ | x $15.00 | __________ |
| $30,000.00 | __________ | x $17.50 | __________ |
| $50,000.00 | __________ | x $25.00 | __________ |
| $100,000.00 | __________ | x $50.00 | __________ |