After your application is approved, you will receive a surety bond quote with the bond premium. If you accept the quote, you pay the premium and the surety company issues you the bond. Illinois notary bonds and errors and omissions insurance policies provided by this insurance agency, the American Association of Notaries, Inc., are underwritten by Western Surety Company . The surety company will then demand reimbursement from the notary in the event of such paid losses.
Once you become a broker, your license $5,000 Surety Bond Cost needs to be renewed every two years.
Your Arizona Notary Surety Bond
The Indiana Notary must either replace the bond with another notary bond or their notary commission will cease. Notary bonds are often written with errors and omissions insurance (E&O).
Indiana requires notaries to carry a new Notary bond in the amount of $25,000. However, some Indiana notary bonds remain in place that are $5,000. These $5,000 notary bonds will need to be increased to the new $25,000 when the notary renews their commission. The Illinois notary application is attached to the Illinois notary bond form.
Arizona Notary Bond ($5,000, 4 years)
The next step is to reach out to the obligee — the government entity or licensing authority that requires the bond — or visit its website to find details on the various licensing requirements. Payment bonds are subject to underwriting and can https://business-accounting.net/ typically be issued at a rate of 3% of the bond amount for qualified applicants. This means that $100,000 of bond coverage could cost as little as $3,000. All you need to do is apply online and pay for your notary completed application.
- If you are reapplying, make sure your commission dates do not overlap.
- They can be purchased online in minutes without a credit check.
- However, some Indiana notary bonds remain in place that are $5,000.
- Payment bonds are subject to underwriting and can typically be issued at a rate of 3% of the bond amount for qualified applicants.
- For example, the city of Overland Park, Kansas, requires a $2,000 Performance & Maintenance Right of Way Bond that can be purchased instantly online for a $103 premium.
- Interested in what makes a bond riskier or how the underwriting process occurs?
- Surety Bond and financial expert dedicated to helping businesses and individuals understand and obtain surety credit.
Is not replaceable by an errors and omissions (E&O) policy. Due to extremely high order volume in the month of December, orders during this month may take additional days to process. Large volume orders and special order items such as Custom Band Stamps may take an extra 1 or 2 business days. CA & OR Notary Stamp orders ship after we receive your original “Certificate of Authorization to Obtain or Manufacture a Seal”. If for any reason we cannot process your order as submitted or the item you ordered is on backorder, we will contact you by phone or e-mail. Orders with custom art that does not meet our specifications may be delayed. You are ordering for a $5,000 IL notary bond and a $5,000 E&O Policy for a TOTAL cost of $30 for four years.
Why Do I need a Notary Bond
Federal, state, and local municipalities and licensing authorities require contractors to purchase a surety bond before they can obtain a license and begin work. Learn more about the ins and outs of contractor bonds in our Contractor Bond Definition Page. The party requiring the bond is the Obligee which is the state of Indiana for this bond. The surety is the bond company that is guaranteeing the Indiana notaries compliance with the law.
The Per Claim Limit is the maximum amount the policy will pay on any one claim. The Aggregate Limit is the maximum amount the policy will pay on all claims combined. Please note that you must provide the Notary Association of America with a copy of your commission letter when you receive it. Should be executed by the Notary Association of America within 90 days after your application is submitted to the Secretary of State’s office. Is separate from any other bond coverage you might presently have and is required in addition to other bond coverage. Illinois bonds and E&O will be emailed within hours after placing an order. For more on what’s required to operate as a tax preparer in CA, visit the California Tax Education Council website.