How to become a notary public
A notary is an official appointed position by the Secretary of State’s department in a given state. As with many public officials, the State requires that the person obtain a surety bond prior to receiving the commission. This bond “makes sure” that when the official violates the public trust through negligence of their responsibilities, finances are available to indemnify the State for its loss.
The principal duty of a notary public is to validate that the individual parties to an agreement are who they claim to be. The State may suffer a loss if the notary neglects to properly confirm the identity of the parties.
As a public official, the notary violates the public trust by failing in their duty to confirm identity. If a notary in Louisiana doesn’t confirm identity and a loss occurs, an injured party can file a claim against that State for its loss, because the State was negligent through its appointed representative.
A notary bond is a guarantee of payment to the obligee (the State) should losses occur for a penalty amount of the bond. Notary Public bonds are usually provided by a surety company (typically an insurance carrier). The bond usually runs concurrently with the period of the notary’s commission.
You’re probably familiar with a homeowners insurance policy. When a person has a property 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 homeowners insurance policy however, a notary bond is simply a guarantee that the funds will be available if losses occur. The surety (insurance company) makes a payment to the State up to the penalty amount of the bond. However, this claim paid by the company is not simply written off. The carrier will most likely seek reimbursement from the bonded party, 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 Errors and Omissions and may also be purchased for a nominal fee from insurance carriers.
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