Indiana Notary Bonds
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 Indiana notary bond needs.
What Are They?
Indiana notary bonds are a type of license and permit surety bonds. This is because purchasing one is a prerequisite for obtaining a commission as an Indiana notary public.
To understand the significance of an Indiana notary bond, it helps to understand what notaries do. They play a crucial role in fraud prevention by verifying the identity of people signing important documents, such as:
- Prenuptial agreements
- Loan documents
- Powers of attorney
One factor that all these documents have in common is the potential to be forged or acquired through identity theft. This could cause financial harm to others for personal, illegal gain. By verifying a signer’s identity, witnessing the signing of an important document, and attesting to the validity of the signature, a notary helps prevent such crimes.
In purchasing an Indiana notary bond, a notary public is guaranteeing to comply with all applicable state laws in the performance of notarial duties. The bond protects the public against financial loss resulting from the deliberate unlawful acts or negligent errors of a notary. It also provides a source of funds for compensating injured parties with a valid claim against the bond.
Who Needs Them?
Anyone applying to the Indiana Secretary of State for a new or renewal notary public commission must purchase a $25,000 Indiana notary bond with the same term as the commission—eight years. Many notaries public also purchase an errors and omissions insurance policy to protect themselves against fraudulent claims and financial liability for damages resulting from their own mistakes.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
The three parties to a legally binding Indiana notary surety bond agreement are known as the following:
- The Indiana Secretary of State, the party requiring the bond, is the “oblige.”
- The notary public purchasing the bond is the “principal.”
- The surety company approving the bond is the “surety.”
If the principal is found liable for a financial loss experienced by a member of the public, the injured party can file a claim against the principal’s Indiana notary bond. They can be compensated up to the full $25,000 bond amount (the bond’s “penal sum”). While the surety typically pays the claimant, that payment is made on behalf of the principal, who is legally responsible for paying all valid claims. Therefore, the principal is legally obligated to repay that debt to the surety.
What Do They Cost?
Indiana notary bonds are not subject to underwriting. Instead, they’re sold for a one-time flat fee that’s generally no more than $50—quite the bargain for a bond that’s good for eight years!
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Our surety bond professionals will get you the Indiana notary bond you need at a competitive rate.