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What is a Notary Bond?
A notary bond is a specific type of surety bond that will enable a notary professional to authenticate the truth and veracity of specific events. Keep in mind that these events associated with the notary bond are usually very pertinent to a business deal in many ways and documentation of this is quite crucial. It is also very important to note that the notary is taking an acknowledgement of another party’s signature as long as that party does not receive a direct financial interest in the transaction.
This very specialized bond is designed to work through a risk management strategy to ensure that the the people who need documents notarized will be better shielded from errors from that notary, including unethical practices as well as fraud. Let’s say that there was a situation where an error occurred by the notary, the notary bond would then allow the victim of that error to file for reparation.
Notary Bond FAQs
When is a notary bond needed?Being that a notary spends a good amount of their time working with legal documents and sensitive information, this assurance of the bond offers an extra layer of protection due to the amount of authority they yield. If it’s found out later that the notary was misinformed or misrepresented being the circumstances that are critical to an event happening, the bond would step in and make financial remedy for the truth that should have been realized initially.
What are the notary bond requirements?Notary bonds are required in 30 out of the 50 states. The Nation Notary Association is a great resource for certain notary requirements as well as specifications as to which states require notary bonds. Also, our expert underwriters and producers are more than happy to answer any of your questions about notary bonds and the requirements specific to your state. As with all bonds, notary bonds are seen as a form of insurance to protect all parties.
How much does a notary bond cost?Notary bonds are relatively inexpensive to purchase. It helps to know that a notary will only need to pay $50 to $100 to secure their bond. The amounts of the actual notary bonds vary widely by state. A typical amount ranges from $5,000 to $10,000, although it can be as low as $500 or as high as $25,000.
How do I obtain a notary bond?When it does come time to apply for notary bonds whether you are new to the service or you are ready to renew a notary license, Surety Place offers everything you need to know. We are here to help you ensure that you have the proper surety bond so that you may begin notarizing documents and are well protected.
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About Surety Place
Surety Place is best known for being the first bond-only placement service whose sole purpose is to build a partnership that you can trust and feel confident in. We provide market access and deliver balanced bond portfolios at a time when automated systems and P&L’s matter more than people.
Consistently through the years, Surety Place has built, added to, and continued to perfect, programs and services to help business owners and agents quickly identify the best surety fit. We find solutions when it seems like there are none.