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 Idaho notary bond needs.
What Are They?
Think of notaries public as the first line of defense against fraud. Imagine the financial damage that could be done by someone using a forged power of attorney, last will and testament, loan agreement, certificate of title, or similar document. Any document that conveys authority or ownership or attests to the truth of a matter has the potential for falsification. By verifying identities and witnessing signatures on important documents, notaries perform an important function that individuals and companies rely on to prevent forgery, identity theft, misappropriation of funds, and much more.
An Idaho notary bond serves as a commissioned notary public’s pledge to comply with all applicable statutes and ethical standards in the performance of notarial duties. The bond protects the state and its residents against financial harm caused by a notary’s deliberate malfeasance or unintentional mistake by providing a source of funds for compensation of such losses.
Who Needs Them?
Idaho’s Secretary of State issues six-year notary public commissions. Purchasing a six-year Idaho notary bond is a prerequisite for commissioning. When a commission is nearing expiration, the notary must apply for a new one, as well as a new Idaho notary bond.
The required amount of the bond, also known as the bond’s penal sum, is $10,000. That’s the maximum amount that will be paid out on any claim.
However, an award for damages resulting from a notary’s failure to detect a forged identification, for example, could easily exceed $10,000. The notary could be held liable for the excess. Therefore, it’s common for notaries to purchase errors and omissions insurance for additional protection.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
The surety bond agreement for an Idaho notary bond is a legally binding contract between three parties, each with its own legal responsibilities:
- The Idaho Secretary of State’s office, which issues notary public commissions and requires notaries to be bonded, is known as the “obligee.”
- The notary public is the bond’s “principal.”
- The bonding company authorizing the Idaho notary bond is the “surety.”
When an Idaho notary public is found liable for financial damages stemming from the notary’s malfeasance or negligence, the company that issued the Idaho notary bond will step up and pay the claim on behalf of the notary. However, the notary, not the surety company, is legally responsible for paying claims and must reimburse the surety for making that payment.
What Do They Cost?
Idaho notary bonds are not subject to underwriting. The premium is a small, flat fee—typically $50—that covers the entire six-year term of the bond.
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Our surety bond professionals will get you the Idaho notary bond you need at a competitive rate.