Notary Public Bonds
Learn more about notary public bonds below, and contact Surety Bond Professionals today to request a quote. Our experienced surety agents are ready to help you get the bonds you need.
What Are They?
First, consider what a notary public does. According to the National Notary Public Association, a notary public is “an official of integrity appointed by state government to serve the public as an impartial witness in performing a variety of official fraud-deterrent acts related to the signing of important documents.”
The key word in that definition is “integrity.” In order for the public, courts, banks, and other entities to have confidence in the legitimacy of a notarized document, they need to have confidence in the integrity of the notary public who witnessed and attested to the signature(s) it bears. A notary public bond provides a guarantee that the notary public performs their duties in a completely ethical and lawful manner.
Who Needs Them?
Most states require the purchase of a surety bond as part of the process of becoming commissioned as a notary public. You can contact the Secretary of State’s office in your state and ask whether you will need to obtain a notary public bond where you plan to work, or simply reach out to a Surety Bond Professionals agent. Note that if a bond is required, it must be renewed periodically to maintain your notary public commission.
How Do They Work?
The surety bond agreement is a legal contract binding three different parties:
- The Secretary of State’s office or other state agency requiring the bond is the obligee.
- The notary public who must purchase the bond is the principal.
- The company that underwrites and issues the bond is the surety.
If the principal fails to perform their duties in complete compliance with the law and the standards of the profession, any party that suffers a financial loss as a result has the right to file a claim against the bond.
When a claim is filed, the surety will first investigate to make sure it is valid. The principal is legally responsible for paying all valid claims, but if that doesn’t happen within a reasonable period of time, the surety typically will step in and pay the claim. However, the surety bond contract indemnifies the surety against financial liability for claims payments. Consequently, the surety will pursue the principal for reimbursement of any claim paid on the principal’s behalf.
What Do They Cost?
The annual premium for a notary public surety bond is a small percentage of the required bond amount established by the obligee. In most states, the necessary bond amount falls in the range of $5,000 to $10,000, but it can be as low as $500 or as high as $25,000.
The surety determines the premium rate on a case-by-case basis, relying primarily on the principal’s personal credit score. If your credit score is good, your bond premium will most likely be around 1-2% of the amount of the bond. Those with poor credit can still get bonded but may pay a higher premium rate.
Get A Quote
Apply online today for the notary public bond you need to obtain or renew your commission as a notary public. At Surety Bond Professionals, our knowledgeable agents are ready to help you get the bonds you need!
