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Looking for a market/carrier. Currently insured w/CNA-Western Surety, but premium extremely high ($101/notary). We insure a risk w/150 notaries. Coverage $100,000.

Greetings:

I am curious as to why you feel $101 per year, per Notary Public for $100,000 in Errors and Omissions Insurance is expensive. The cumulative liability is $15,000,000 for the insurance carrier and you are paying about 1%.

The market for the $100,000 limit is very small, as you may have discovered.

I do admit if I saw $15,150 sitting on the ground I would pick it up.

The cost of this insurance varies by state. Are you looking for a market that you can deal with directly or would you be willing to work with a broker?

I have two markets that may be willing to discount what you are paying as much as 25%. However, underwriting would be necessary and questions such as loss history, are any of the notaries signing agents, who is the employer, is this a muliti-state risk, have the notaries attended any educational class (some states are mandatory) need to be answered. Without information such as this I cannot approach them.

If you do not want to work with a broker, I can suggest two companies that may be willing to work directly with you.

I agree, your going to run into minimum premiums no mater what