The Pennsylvania Association of Notaries (PAN) is the first state association to offer Signing Agent Errors and Omissions (E&O) Insurance. PAN teamed with a major “A” rated national insurance company to develop and now provide this unique product.
Signing Agent E&O Insurance provides coverage for innocent mistakes made by notaries who work in the mortgage industry as signing agents. The profession was created when people started going to the Internet for their mortgages instead of the neighborhood bank and needed to have their mortgage documents signed locally. Thousands of Pennsylvanians have joined this relatively new profession to fill this need.
“Lawsuits against signing agents are becoming more common,” said Tod Aronson, president of E. R. Munro and Company, an insurance and bond agency based in Pittsburgh. “A signing agent could be completely innocent of any misconduct but still be responsible for all legal expenses in a lawsuit. Signing Agent E&O Insurance pays those expenses. It’s like malpractice insurance for signing agents.”
Aronson also noted that Signing Agent E&O Insurance differs from Notary E&O Insurance which only covers the actual notarizing done in a mortgage or refinance closing.
Headquartered in Pittsburgh, PAN has been dedicated to the Pennsylvania notary since 1955 and is the nation’s oldest notary association. For more information on Signing Agent E&O Insurance, visit the Web site at: http://www.notary.org or call 800-944-8790.