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RON and your E&O

Posted By Robert Treuber, Thursday, March 26, 2020

 

We have been alerted to the fact that your E&O policy may not include RON as authorized by Gov. Cuomo's Executive order 202.7.

 

This is an excerpt from an email James Dick of Merriam Insurance sent me:

With the temporary allowance of remote notarization in NYS (EO 202.7), title companies should proceed with caution in using this newly-legal avenue for notarization. Many title agent’s E&O policies contain an exclusion of coverage for notarization that is not done in person.

 


This message was reiterated by Kaitlin Kelly of Fran Kelly Professional Liability:

I saw that legislation was recently passed in NY to allow for remote online notarizations.  I’ve been trying to get the word out around the industry that many E&O carriers exclude coverage for notarizations done without the physical presence of the signatory.

 

Kaitlin also mentioned the growing threat of cyberfraud taking advantage of the disruption to normal business practices.

 

Under these unprecedented conditions, agents should absolutely confer with their underwriter if a transaction will be replying on a remote notarization, as dictated by the Executive Order.

 

Tags:  COVID-19  cyberfraud  E&O 

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