What is the difference between an E&O policy and a surety bond?
A bond is a financial guarantee to the State to protect the public. Suppose you fail to properly perform your duties and responsibilities, resulting in financial harm to a citizen. In that case, the State can file a claim against your bond to recover funds for the aggrieved party. You would then have to repay the total value of the claim to the bond company. However, an Errors and Omissions (E&O) policy protects you. If you unknowingly make an error or omission when performing your notarial duties resulting in financial harm to a citizen, you would be protected from financial losses under your E&O policy
How about Refund policy?
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