A notary public is an official appointed position by the Secretary of State’s department in a given state. Like most public officials, the State requires that the individual obtain a surety bond prior to receiving the appointment. This bond “makes sure” that when the notary violates the public trust through neglect of their duties, finances are available to indemnify the State for its loss.

The principal responsibility of notary publics is to validate that the individual parties to a contract are who they claim to be. The State may experience a loss if the notary public fails to properly validate the identity of the parties.

As a public official, the notary public violates the public trust by failing in their responsibility to confirm identity. If a notary public in Florida doesn’t confirm identity and a loss occurs, an injured party can file a claim against that State for their loss, because the State was negligent through its appointed representative.

A surety bond is a promise to pay to the obligee (the State) should losses occur for a penalty amount of the bond. Notary Public bonds are often provided by a surety company (typically an insurance carrier). The bond generally runs concurrently with the term of a notary’s commission.

You’re probably familiar with a home insurance policy. If you have a home insurance in Indiana loss, the insurance carrier pays the loss and writes off the loss. You aren’t required to reimburse the company for the loss. Unlike a property insurance policy however, a notary bond is simply a promise that the funds will be available should losses occur. The surety (insurance company) pays the State up to the penalty amount of the bond. However, this loss paid by the company is not simply written off. The company 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 Public E & O and can also be obtained for a nominal fee from insurance companies.

the-home-protector.co.uk

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