How to become a notary public

June 27, 2012 sarah Fitness

A notary public is an appointed position by the Secretary of State’s department in a given state. As with many public officials, the State specifies that the individual obtain a notary bond prior to getting the appointment. This bond “makes sure” that when the official violates the public good through negligence of their duties, finances are set aside to reimburse the State for its loss.

The primary responsibility of notaries public is to confirm that the individual parties to a contract are who they say they are. The State might suffer a loss if the notary fails to correctly confirm the identity of the parties.

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

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

You’re probably familiar with a vehicle insurance policy. If you have a auto insurance in Fort Wayne loss, the insurance carrier pays the claim and writes off the loss. You aren’t required to pay back the company for the damages. Unlike an auto insurance policy however, a notary bond is simply a guarantee that the funds will be available if losses occur. The surety (insurance carrier) makes a payment to the State up to the penalty amount of the bond. However, this loss paid by the surety is not simply written off. The surety 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 E & O and may also be purchased for a nominal fee from insurance companies.