A notary, also known as a notary public, is a person authorized by the government to witness the signing of important legal documents and to administer oaths and affirmations.
They verify the parties’ identities in a transaction, ensuring that they are signing the document willingly and knowingly and that the document is legally binding. Notaries serve as impartial witnesses and play a critical role in many legal and financial transactions, such as real estate transfers, wills, powers of attorney, and loan documents.
Notaries need E&O insurance, also called professional liability insurance, to protect themselves from potential claims or lawsuits arising from their professional activities. As notaries are often involved in significant legal and financial transactions, mistakes or oversights in their work could result in financial losses for their clients, which may lead to claims against the notary.