How to become a notary public
A notary is an appointed position by the Secretary of State’s department in a given state. Like many public officials, the State requires that the person get a notary bond prior to receiving their appointment. This bond “makes sure” that when the official violates the public trust through neglect of their responsibilities, funds are available to indemnify the State for its loss.
The main duty of notary publics is to validate that the individual parties to an agreement are who they claim to be. The State may experience a loss if the notary forgets to properly confirm the identity of the parties.
As a public official, the notary causes harm to the public trust by failing in their responsibility to confirm identity. If a South Dakota notary public doesn’t confirm identity and a loss occurs, an injured party can file a claim against that State for the loss, because the State was negligent through its appointed representative.
A surety bond is a promise to pay to the obligee (the State) if losses occur for a penalty amount of the bond. Surety bonds are generally provided by a surety company (typically an insurance carrier). The bond usually runs concurrently with the term of the notary’s commission.
You may be familiar with a home insurance policy. If you have a property insurance in Indiana loss, the insurance carrier pays the claim and writes off the loss. You aren’t required to reimburse the carrier for the damages. Unlike a property insurance policy however, a notary bond is simply a guarantee that the funds will be available when losses occur. The surety (insurance company) pays the State up to the penalty amount of the bond. However, this claim paid by the surety is not simply written off. The carrier will most likely seek reimbursement from the bonded person, the notary themself.
A notary bond protects the public. Who protects the notary? Insurance coverage is available to provide this protection – it’s called Notary Errors and Omissions and can also be obtained for a nominal fee from insurance companies.
Related posts:
- Free Public Obituary Death Records One of the first public records is Public Death Records....
- Know the Health Insurance Claims Process It is crucial to make sure that you have sufficient...
- How to improve your public speaking When you stand in front of an audience you communicate...
- Insuring Your Valuable Jewelry Much money, thought, effort and time goes into buying the...
- Suspect identity theft? Most people who have been identity theft victims have been...