The short answer: E&O insurance is required for on-demand notaries (ODNs) who take calls from the queue, and optional for all other notaries. This article covers what E&O is, Proof's specific requirements, and how aggregate vs. per occurrence coverage works.
What It Is
Errors & omissions (E&O) insurance protects you from liability for false claims or unintentional notarial mistakes or omissions. You must provide information about your policy and upload a copy to the platform for at least:
- Real estate: $100,000 per occurrence
- Retail and business: $25,000 per occurrence
E&O insurance is liability coverage designed to protect both a notary and the person who hired the notary. A notary can be sued if they make an unintentional error — E&O coverage helps limit that exposure.
Professional vs. Personal Liability Policies
A professional liability insurance policy is issued to a business and stays in place only if the business continues to pay the monthly premium.
A standard E&O policy is issued to an individual notary and is pre-purchased for a set time, so it is less likely to lapse prematurely.
We allow businesses to use a professional liability insurance policy only if they name Notarize, Inc. (dba Proof.com) as a certificate holder, so that we are notified if the business stops paying the premium and the policy lapses.
E&O Requirements for Proof
Your business may rely on an umbrella policy if it covers each individual notary for the required amount (at least $100,000 for real estate or $25,000 for retail or business).
- In-house notaries (IHNs) employed by an organization that is a Proof customer
- Notaries who only initiate their own transactions and do not take calls from the ODN queue
- Personal E&O policies
Aggregate vs. Per Occurrence
- Aggregate amount — The total amount of coverage under the policy
- Amount per occurrence — The amount of E&O coverage per claim (occurrence = claim)
Example: A lender asks for $100,000 per occurrence. For each E&O claim, the lender would like to be able to use all $100,000 of that insurance. If the policy is $100,000 in aggregate (total) with the ability to pay out $100,000 per occurrence, then a single claim could wipe out the entire E&O coverage.
Typically, E&O insurance is $10,000 per occurrence, covering 10 claims at $10,000 each if your total policy is $100,000. Structuring coverage "per occurrence" potentially allows it to be shared among multiple lenders and title agents.
Summary Checklist
- E&O insurance is required for ODNs taking queue calls; optional for all other notaries.
- Minimum coverage: $100,000 per occurrence for real estate; $25,000 for retail or business.
- ODNs using a professional liability policy must list Notarize, Inc. (dba Proof.com) as a certificate holder.
- I've uploaded a copy of my E&O insurance policy to the Proof platform.
- I understand the difference between aggregate and per occurrence coverage.
Still Unsure?
Our support team is happy to help. Submit a support request or chat with us from any page in the app.
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