A notary surety bond provides coverage for damages to anyone who has sustained monetary damages resulting from a notary’s misconduct or negligence.
Is a notary surety bond like an insurance policy to protect me as notary public?
No! A notary surety bond is set up since a notary public might be expected to perform his duties faithfully in terms of state laws. An insurance policy measures losses based upon probabilities computed. However, considering that the surety bond bears similarity to that of a bank’s letter of credit, a surety company will guarantee its credit to a person or entity in the case that the notary fails to perform his or her notarial duties faithfully. For more information on notary surety bonds, visit AlphaSuretyBonds.com.
What were some of the gravest mistakes by notaries public in their notarizations that were subject to claims against their notary surety bonds?
The greatest error made by notaries public in exercising their official functions would involve a notary who notarizes a document while not in the personal presence of the signer. Other than that, there are no exceptions to this immensely pertinent room.
What preventive measures should I take as a notary public to prevent anyone from lodging a claim against my notary surety bond?
There must never occur situations where a notary public would even consider notarizing a document with no possibility for, and ensured presence of, the signer before the notary. Thereon, appropriate notarial acts should be carried out, primarily regarding proper identification of the signer in compliance with state requirements for satisfactory evidence of identification.
I have received notice of payout of the total amount of my surety bond by the surety company. Should I compensate them the $10,000 they paid out on my surety bond?
In regular situations, if the surety company pays a loss on the notary’s surety bond equal to the amount of the bond, they will have satisfied their penal limit. There is no surety bond left after it has been exhausted. In such a case, the notary public must procure a substitute bond from another surety company and refrain from acting as a notary public until the replacement bond becomes effective. Until a replacement surety bond is secured, the notary public must refrain from acting as such.
Today, I went to my bank to have something notarized, but they said that they were not bonded to notarize deeds. Is that correct?
If state law does not require a notary public to secure a notary surety bond to hold the office of a notary public, the notary could have provided notary services to you. Even if the state does not require a surety bond, there are instances where some employers have company policies that do not permit their notaries to provide notary services to the general public on documents that relate to deeds, wills, powers of attorney, and other such legal documents.
Where do I go to buy a notary surety bond?
Most bonding, insurance, or surety companies should provide their respective bonds. A surety company must be licensed to do business in the state in almost all jurisdictions.
How much does a notary surety bond cost?
Prices can vary among the companies issuing notary bonds. But the cost of a notary surety bond is, on the average, $50-$100.
Does a notary surety bond have to say “surety bond”?
Yes, it has to say “surety bond.”
