Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all your Alaska notary bond needs.
What Are They?
Imagine the financial harm that innocent parties could suffer if notaries were to commit deliberate malfeasance. Notaries could also wreak havoc if they were negligent in verifying the identity of people signing important documents, such as a will, deed, property title, or power of attorney, to name a few. This could destroy a person’s finances, as it could allow someone to open credit cards or take out loans in your name, drain your bank accounts, change your address, and steal your identity.
Alaska notary bonds are intended to deter fraud by requiring notary publics to pledge that they will perform their notarial duties in accordance with applicable state laws and professional standards. These bonds also ensure that funds will be available to compensate the victims of notaries who act unlawfully or unethically.
Who Needs Them?
To obtain a four-year commission as a notary public from Alaska’s lieutenant governor, you must purchase an Alaska notary public bond with the same four-year term. To keep your commission, you’ll need to purchase a new bond every time you renew your commission. As of January 1, 2021, the required bond amount (or penal sum) is $2,500. That is the maximum amount payable on a valid claim.
Alaska notary bonds provide financial protection only for the public, so it’s common for notaries to purchase errors and omissions insurance to protect themselves.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
The surety bond agreement for an Alaska notary bond is a legally binding contract between three parties:
- Alaska’s lieutenant governor, the party requiring the bond, is the “obligee.”
- The notary public required to purchase the bond is the “principal.”
- The bonding company issuing the bond is the “surety.”
Any unlawful or unethical act committed by the principal that causes financial harm can result in a claim against the principal’s Alaska notary bond. Upon receipt of a claim, the surety will investigate it to determine whether it is valid.
While the surety bond agreement obligates the principal to pay all valid claims, it’s common practice for the surety to pay claims on behalf of the principal and then collect reimbursement.
What Do They Cost?
Alaska notary bonds are sold for a single premium that covers the entire four-year bond term. Unlike the premium for bonds that are subject to underwriting, the premium for an Alaska notary bond is the same flat amount for everyone, usually around $45 or $50.
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Our surety bond professionals will get you the Alaska notary bond you need at a competitive rate.