What is E & O insurance, and how does it help a Notary Public? E & O insurance, or Errors and Omissions insurance, covers a Notary in the event of unintentional mistakes that cause injury to a third party – think of it as “malpractice” insurance for Notaries. Some of you might already know what E & O insurance is, and think that it does not apply to Notaries because they are bonded – a common misconception. A Notary bond protects the public and is something that must be repaid by the Notary, in the case of a claim. E & O insurance protects the Notary, and in the instance of a claim, the Notary is not expected to reimburse the insurance company.
What types of mistakes are covered by Errors and Omissions insurance? Inadvertent errors, such as failure to affix your Notarial seal, or to properly identify the signer(s), could subject you to be held liable for any losses. Intentional errors and poor judgment, of course, are not covered. If a claim is made against you, even if it has no validity, you would have the burden of paying court costs etc. in defending yourself, if you did not have E & O coverage. With an E&O policy, you would have no repayment and no minimum or maximum deductible would be required. Also, the attorney fees and court costs are covered, up to your policy limit.
Following are a few examples of the common types of Notary mistakes:
The Notary Stamp is smeared or smudged.
The Notary Stamp covers text or signatures.
The Notary Acknowledgement is worded incorrectly.
Notary stamp missing (yes, it happens).
The Notary’s commission number missing.
Many Notaries also perform loan signing services. In these cases, there is even more room for error such as:
Incorrect Notice of Right to Cancel dates.
Documents are missing signer’s initials.
Mistakes on the document(s) are corrected using white-out.
Notary did not correctly following closing instructions.
Loan Documents not returned in a timely manner.
Notary acknowledgement not completed, or completed improperly.
Notaries accepting personal checks over $500 (or over the amount allowed by State law).
Checks made out to the wrong company.
Though it may not be required by law, Errors and Omissions Insurance protects you against mistakes that can happen with any notarization. It only takes one mistake to potentially lose all of your hard earned money, and possibly even your business! Errors and Omissions insurance rates vary according to the State in which you are a practicing Notary, and the amount of coverage you decide to choose. In some States minimal coverage starts out at less than $10.00 per year with maximum coverage at $200.00 per year. Rates do vary greatly from State to State, however the costs are truly minimal considering the consequences should a claim arise. Considering the cost of E & O coverage, it is just foolish not protect yourself.
By: Lisa T
Archive for March, 2010
E & O Insurance for Notaries
March 29th, 2010Income Insurance – Mortgage Payment Protection
March 28th, 2010
If you have a mortgage hanging over your head then you do need to take into account how you would be able to carry on paying the repayments if you lost your income. While no one likes to think that they might lose their income redundancies can happen. You could also become sick or have an accident that meant you would be unable to work for many months. While you might be able to keep your head above water for a couple of weeks, it would be almost impossible for months. One way of protecting your mortgage and other outgoings is by taking out income insurance mortgage payment protection.
A policy can be taken out with an independent provider and this is the cheapest way of securing against an unknown future. All policies offered by standalone payment protection specialists would have exclusions in them. These are what you need to check to be sure of eligibility. It is essential that you compare them along with cost of the premiums as each provider can put in different exclusions with some being frequently found in all cover. If you then had to make a claim on the policy you could do so after a set amount of time and receive the income you insured against as a tax-free payment.
The terms and conditions of the income insurance mortgage payment protection policy are also where you can find when the cover starts to payout and for how long. Some providers would payout on your policy once you had been unemployed or incapacitated for 30 days, while with others you might have to wait for anything up to the 90th day. How long you would be able to claim would also depend on the provider. Some will payout on the cover for 12 months while other providers might offer a payment each month for 24 months. How much you would payout in premiums each month would be based on the amount of your income you wished to protect and your age. If the policy you take out is based on age, then the younger you are the bigger savings you are able to make.
Income insurance mortgage payment protection should not be confused with income protection insurance. Income protection insurance is a very similar type of policy that can be taken out to protect your mortgage repayments and other outgoings. While this is also a very valuable form of protection the terms and conditions of it are totally different. Therefore you have to decide which form of protection for a lost income would be the most suitable based on your circumstances. Income protection insurance would also supply you with an income if you were to lose your own, however it would do so for a lot longer period than income payment protection. This policy would payout to you for up to retirement age if it was needed. You would have to wait for longer before the benefit would begin though, and there are also many other terms and conditions which would have to be met for you to be eligible to take on the policy.
By: Simon Lance Burgess
Accident Sickness Unemployment Insurance Or ASU Insurance
March 28th, 2010
Sometimes accident sickness unemployment insurance is termed ASU insurance. As the name would suggest it would protect against becoming unable to work after suffering an illness or accident and protect against unemployment by such as being made redundant.
There are different policies for different types of situations. Mortgage protection would cover the repayments of the mortgage. Loan protection would be able to protect any loan and credit card repayments you had to make. Income payment protection would allow you to continue paying your essential outgoings each month.
All policies would have the same basic rules. You pay a premium each month decided by your age and the amount you wish to protect each month. In the case of mortgage payment protection you can also choose whether just to cover against unemployment only or incapacity only to keep down the cost. Age based policies means that the younger generation can take now afford to protect their borrowings each month.
There are certain exclusions to be found in the small print of all payment protection cover. These have to be checked if you are to be certain that you would be able to claim on the cover. Once you have then you can check to see when the cover would begin and end. Payment protection usually starts to provide an income between the 30th and 90th day and would continue between 12 and 24 months. Some providers will also backdate to the first day of you being unable to work or of being unemployed.
Accident sickness unemployment insurance is essential if you have a mortgage to keep up with. By failing to maintain the repayments of the mortgage you are breaking the contract you signed and as such the lender can choose to repossess your home. While they do not do this if at all possible, not being able to agree with the lender on how you would catch up on what you owe, while at the same time missing more of your mortgage repayments means the lender will repossess. If you were to get behind on loan repayments and into debt then you could get a County Court Judgement against you and at the very least your credit rating would be affected and you would still have to make an agreement to repay the loan.
When you take out the loan or mortgage with the lender they will try to get you to take out accident sickness unemployment insurance. They charge way over the odds for the protection and bring in around
Unemployment Income Protection Insurance Tips
March 27th, 2010
One of the first tips when looking to take out unemployment income protection insurance is to not confuse this product with one of a similar name. Income payment protection and income protection insurance are two separate products.
Income payment protection pays in the short term and cover unemployment along with accident and sickness. Income protection insurance would just cover accident and sickness, not unemployment and it pays out over the longer term which could be up to the age of retirement. So when looking for protection for your income against unemployment then it is income payment protection that you need to buy.
Another tip that will save you a great deal of money is to buy your policy from an independent payment protection specialist. High street lender usually offer policies but they charge huge premiums which boosts up the loan or mortgage considerably.
You do have to know what is included in unemployment income protection as all providers will add in exclusions. These have to be checked against your circumstances so that you know you would be eligible to claim against the policy. Once you have then you can look at when the cover would begin to provide you with an income and when it would end as this differs with providers. Usually cover would start somewhere between days 30 and 90 of unemployment and some providers backdate the policy to the first day of unemployment. You would then be able to relax and concentrate on finding work while replying on the policy for between 12 months and 24 months.
Unemployment income protection insurance is taken to ensure that you would have something to rely on if you lost your own income. The income it provided you with would be the sum that you insured when applying for the policy and it would be tax-free. You would be able to use the money to pay a wide range of outgoings that needed keeping up with each month. One of the most important of these outgoings would be your mortgage payment. Your policy would provide you with peace of mind that you are not going to get into arrears. Getting into mortgage arrears and not being able to catch up means that the lender will repossess your home through the courts and a judge will set an eviction date.
You could also see yourself appearing in court if you cannot keep up with loan and credit card repayments. If you get behind on these then you would at the least earn yourself a bad credit rating. This could make getting any kind of credit very hard in the future as all lenders take your credit file into account. Depending on the amount you owe your lender could take you court to claim what you owe through possessions and this means a judge will send bailiffs to your home.
Unemployment income protection insurance can put a stop to all of this and much more. It would allow you to be able to continue meeting all essential bills that go out each month and which keep your home running. It would also mean that you would be able to continue living your current lifestyle and not have to make many changes.
By: Simon Lance Burgess
Why Is Insurance Important?
March 27th, 2010
About a year or so ago, a major consumer protection magazine reviewed books about personal finance written by the well-known gurus on the subject. The magazine found that the subject of insurance was hardly covered at all.
If you think about it, this is a strange failure on the authors’ parts. Without insurance the best laid financial plans can disappear in a moment of inattention or a puff of smoke. All you saved and invested can be gone in seconds.
Insurance is here to make sure an accident does not destroy you. It protects against fire, flood, theft and collision.
It will defend you if you injure someone in an accident.
It will allow your surviving family to carry on for a time without the income you produce and it will even replace that income if you become disabled.
Many people don’t believe that a disaster will befall them. Or they want to spend the money on something that’s more fun.
But as expensive as insurance may seem, and certain policies, like disability insurance can be quite costly, it is substantially cheaper than the alternative.
If you home burns down and you lose it and its contents, the premium you pay now will seem like peanuts.
If you run someone over with your car and cause them serious injuries, the cost of your legal defense alone is many times what you pay for the policy.
Insurance is the difference between picking yourself up and carrying on after a disaster or facing bankruptcy and financial ruin.
In my opinion every wage earner should have term life and a disability income replacement policy.
If you own a home or rent, you need homeowners or renters insurance.
If you have a car, auto insurance is mandatory in most states – and don’t think the legal minimums required by most states will protect you in a serious accident.
Finally you need good health insurance coverage, preferably backed up by a high limit major medical policy.
Prepare for life’s risks so you don’t become one of its victims.
For more information on insurance and financial planning, visit http://www.credit-yourself.com/insurance.html
By: Christopher Cooper
California Health Insurance Providers
March 26th, 2010
Good health is the most crucial aspect of a person?s life. To maintain a good heath is a lifelong process. Many people suffer from various health ailments due to irregular eating habits, long working hours, or pollution. This has led to an increasing number of insurance companies providing health insurance plans at competitive prices. In California, health insurance companies provide various types of health insurance plans to customers of all ages. The managed care health plans and the indemnity plans are the most important types of health plans.
There is a large range of insurance companies available in the market and it can be an overwhelming experience to go through the multitude of health plans they offer. Customers can obtain a list of various health insurance companies and brokers from the state health department. The department also provides assistance to the customers to select a favorable health plan, if required. Customers can find information about various health insurance providers that have a poor track record.
All reputed health insurance companies have their own agents who help to generate business for the company and create a better market presence. These agents suggest a suitable health plan to their clients after considering various factors such as their age, medical history, and their lifestyle. Customers can also directly approach the insurance company to acquire details about various health plans.
Indemnity plans generally cover a large number of doctors, hospitals, and other health care services as compared to managed care plans. However, they are more expensive than managed care plans. Indemnity plans settle the claims only after receiving the bills supporting it. Managed care plans are easy to get and involve minimal paper work. Health insurance companies also offer special plans for chronic illness to cover all the medical expenses.
All reputed companies usually have their own websites that provide free quotes and facilitate the customers to make an informed decision. It is advisable to understand the coverage offered by individual insurance policies. Insurance providers offer countless insurance options with varying premiums and flexible payment options.
By: Steve Valentino
Malpractice Insurance Companies
March 25th, 2010
Malpractice insurance companies provide timely, accurate, cost-effective malpractice insurance to their clients. These insurance companies have been licensed by state law. They operate as insurers and sell products to clients who pay for premium policies. The policies of malpractice insurance companies vary with geographical location, organization or company, and specialties being offered. The existence (or lack) of malpractice insurance differs from state to state too. The success of a malpractice insurance company very much depends on the financial market and reasonability of awards from lawsuits.
Malpractice insurance companies offer policies that ensure long-term services to customers. There is, in fact, a reciprocal understanding that a malpractice insurance company will give money to its client in return for payment for premiums by the medical professional. For instance, let’s say a doctor is charged with negligence or malpractice in advocating a particular drug. If he is insured, the settlement is done by the malpractice insurance company.
Malpractice insurance companies offer insurance policies that clear the dues of the insured professional – attorney fees and court charges and, most importantly, settlement awards to complainants. Before providing its services, a malpractice insurance company takes a written consent in order to settle the claims made from the professional sued for malpractice.
The insurance companies thus work towards providing fair compensation to the complainant and at the same time offer malpractice insurance to protect specialized professionals in liability suits.
By: Kevin Stith
Unemployment Insurance Is As Essential As Life And Car Insurance
March 25th, 2010
Just as you would protect your life and car by taking out insurance against the unexpected then you should also give some serious consideration to protecting your mortgage, loan and credit card repayments along with your income in case you should find yourself unemployed.
In a world where the unexpected frequently happens if you have a mortgage or loan and make repayments each month thought should be given as to where you would find the money to carry on repaying them if you were to lose your income. If you have mortgage repayments then you need to ensure you can repay them each month otherwise you are risking repossession of your home. Mortgage payment protection insurance (MPPI) taken out as unemployment cover can give you an income to replace your lost one. If its loan or credit card repayments you have to make then loan payment cover would do the same to make sure you had the money to repay them each month and not get behind and into debt. If you want to insure your income then income protection would allow you to insure your income up to a certain amount each month and this would allow you to continue living your lifestyle by paying your essential outgoings.
All protection insurance policies tend to work on the same principle in that you have to be out of work for a pre-determined amount of time before it will start paying out. Usually this can be anywhere between the 31st and 90th day of being continually out of work and would then continue providing you with an income for between 12 and 24 months depending on the provider.
Just as all policies have a waiting period before you can claim they all have exclusions within them that could mean unemployment insurance isn’t the right product for your circumstances. Some of the most common reasons which stop people from being eligible to claim include only being in part time employment, suffering from an ongoing illness when taking out the cover, being retired or self-employed. While these are all common there can be others depending on the provider, so it is essential to check out the small print of any policy you are considering buying.
Taking out the cover with a standalone specialist provider is the best option as opposed to taking it out alongside the loan or mortgage. Policies sold with the high street lender and alongside loans and mortgage are what has earned the product a bad name and which have been associated with mis-selling.
If you want to avoid the high premiums and poor selling techniques which were a focus of investigations into the sector recently by the Financial Services Authority and currently, the Competition Commission, then stick with someone who specialises in payment protection products for your policy. It was the high street lenders who received fines by the Financial Services Authority during the investigation not the specialists and it is important to remember that it isn’t the product that is at fault but the firms who have little or no experience in selling unemployment insurance.
By: Simon Lance Burgess
Insurance For The Disc Jockey
March 24th, 2010
Most disc jockeys forge ahead into the DJ world full of enthusiasm, and make their top priority the purchase of their equipment. Visions of mixers, speakers, cd decks, turntables, and effects flow through their minds. That’s all fine and expected, but when such a focus is put on the DJ’s gear; it makes no sense not to protect that investment.
Protecting the equipment with proper casing for transport is recommended and a smart practice, but that is not the focus of this article.
Strange as it may seem, many Djs operate without an insurance policy to protect them from a lawsuit. Mobile Djs operate on location and are required to carry a liability policy so that they will not be personally responsible should they be faced with a lawsuit. A liability policy – which can many times be purchased from standard car insurance companies – will ensure that the Dj’s personal assets are not attacked in a lawsuit.
The profession of Djing has gone through radical changes in the last decade. Equipment has grown in all arenas. Speakers have gotten a major overhaul. They are lighter, cleaner in sound, and more powerful. Many are even self powered, where a separate amplifier is not required.
Advances in computer technology has allowed for today’s Djs to operate with a laptop computer and proper software. In an industry where it’s practitioners had to carry heavy turntables and crates of records, modern day Djs may never touch a cd. One can only hope that the new wave of thinking will carry on into the arena of proper business practice where insurance is concerned.
It makes no sense to invest so much into equipment and then have a flagrant disregard for protecting a business and it’s assets.
Insurance companies have become aware of the mobile DJ profession and many car insurance providers have responded by offering discounted plans for thaose Djs that choose to combine their car and liability insurance with the same carrier. It’s as simple as going online to a few car insurance providers and filling out quote request forms to find the best rate.
All prospective Djs would be well advised to find adequate insurance before forging ahead into the entertainment world. As has been said about insurance: “It’s better to have it and not need it, than to need it and not have it.”
By: Ray Mardo
Orthodontic Dental Insurance
March 24th, 2010
Dental insurance is intended to cover a portion of your dental treatment charges. Most dental patients are not well informed about the facility of dental insurance. Even health and human service specialists do not fully understand dental insurance policies.
The amount of coverage you are offered depends on your contract with the insurance company. What your dental insurance company pays depends on many factors including deductibles, maximum allowable benefits, substitution clauses, and exclusion clauses.
Orthodontic dental insurance will cover a part of your orthodontic treatment expenses. Orthodontics generally deals with the corrective surgeries and treatments required to correct deformities of teeth arrangements. Treatments that involve orthodontics are quite expensive.
Atlanta Dental Group and Pacific Dental Insurance are some of the leading insurance companies that cover orthodontic dental insurances.
Orthodontic dental insurance is intended to cover both routine as well as not-so-routine dental works. Dentistry involving dental implants, root canal treatments, and orthodontic braces can get to be quite expensive.
Orthodontic dental insurance will enable you to take care of all your dental problems as they arise. This also covers oral surgery for recessed gums or the removal of wisdom teeth. If your teeth need to be re-aligned for health reasons, then the cost falls under orthodontic dental insurance.
Some of the plans of orthodontic dental insurance will not cover cosmetic surgery procedures, as they are not health related. But some orthodontic dental insurance plans do cover a part of the expenses.
It is always wise decision to take up orthodontic dental insurance policies as these treatments cost you a lot more than regular dental procedures. These policies will help you save a lot of money. You can show the policies to the physicians and get your treatments done.
Though most of the insurance companies offer orthodontic insurance policies for all ages, there are some companies that will limit treatments to patients up to the ages of 19 or 21.
With dental insurance, all you need to worry about is making your regular trips to the dentist. You can have your teeth taken care of without worrying too much about the cost; your dental insurance will cover it.
By: Jennifer Bailey
