Notary Insurance is a must in the business of buying, selling, and trading. It is a kind of insurance specifically designed to protect both buyers and sellers. It is one of the many types of business insurances that are available in the market today. In most instances, the policyholder or the applicant is required to obtain a notary bond which will serve as the collateral for the policy. In case of failure to pay, the insurance company has the right to take over the property under the coverage.
The different types of notary insurance include the following: the thimble, motor vehicle accident, general liability, employment liability, public policy and title insurance. Each type of the insurance has specific coverage as stipulated by the legislation. One of the major types of policies is the Notary bond. As the name suggests, this is an expensive kind of policy as it is designed to protect the policyholders from being defrauded.
One kind of the Notary Insurance is the thimble policy. This policy is for people who wish to be insured against being defrauded, whether by a client or by a supplier. For instance, if you are buying shoes and you happen to go to a dealer with the shoes you are looking for, you can make a purchase but if the sale is unsuccessful, the seller will have to return the money plus interest and fees. If you were insured as a general liability, you would be protected from having your personal belongings sold to another party. However, in the case of a Notary, if you were to acquire bodily injury, you will have to get medical attention even after the transaction has been completed.
Some people consider the thimble Notary Insurance to be useless because the cost is high. However, the coverage that they offer is actually quite sufficient and quite useful. For example, you can use it when you are buying real estate. If the transaction goes bad, and you have to get medical treatment or you get hurt in some way, the notary is the one who will be responsible, just like the other types of insurance policies.
Notary public plays an important role in a number of processes, especially among those who have business dealings with suppliers. When a client informs you that he requires some important legal documents such as a birth certificate, marriage license, etc., you will be able to get it from the notary. He can even provide you with a photocopy of the document for you to keep. In this way, the transaction will be more efficient, safe, and guaranteed.
Notary Insurance is a type of policy that protects you from the possible losses that could occur during the transactions you are undertaking. The Notary Insurance policy includes three important parts: the notary bond, the notary fees, and the notary seals. This insurance plan allows you to safeguard yourself from any possible mistakes that could arise during the process of the transactions, such as the omissions or mistakes. Although this insurance policy is a little bit expensive compared to others, you can always purchase other types of insurance policies that are more affordable.