How to become a notary public
A notary public is an appointed position by the Secretary of State’s office in a given state. Like most public officials, the State specifies that the person get a surety or notary bond prior to receiving the appointment. This bond “makes sure” that when the official violates the public trust through neglect of their responsibilities, finances are set aside to reimburse the State for its loss.
The primary responsibility of notaries public is to ensure that the individual parties to a contract 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 an Arizona notary public doesn’t confirm identity and a loss occurs, an injured party can file a claim against that State for their loss, because the State was negligent through its appointed representative.
A surety bond is a promise to pay to the obligee (the State) if losses occur for a penalty amount of the bond. Notary Public bonds are generally provided by a surety company (typically an insurance carrier). The bond often runs concurrently with the period of the notary’s commission.
You may be familiar with a homeowners insurance policy. If you have an Indiana home insurance claim, the insurance carrier pays the claim and writes off the loss. You aren’t required to reimburse the company for the claim. Unlike a home insurance policy however, a notary bond is simply a guarantee that the finances 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 carrier is not simply written off. The company will most likely seek reimbursement from the bonded person, 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 obtained for a nominal fee from insurance companies.
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