FOR ALL YOUR SURETY BOND NEEDS.
Apply for an Arizona Surety Bond today! Single Source Insurance is a leading AZ bonding company providing bonds through a convenient online application system.
Arizona notary bonds are a type of license bond required as a condition for obtaining a notary commission from the Arizona Secretary of State. The work performed by notaries plays a key role in fraud prevention. Perhaps a notary�s most important duty is to ensure the validity of the signatures on crucial documents involved in the control and transfer of assets�deeds, loan agreements, affidavits, powers of attorney, and so on.
In purchasing an Arizona notary bond, a notary agrees to abide by relevant portions of the Arizona Revised Statutes, particularly Title 41. Failure to do so can result in claims being filed against the bond by anyone who experiences a financial loss stemming from the notary�s unlawful, unethical, or negligent actions in the performance of notarial duties.
An Arizona notary bond ensures that funds will be available for paying such claims. It also protects the state of Arizona against being held liable for having commissioned the notary responsible for a loss.
If you�re applying for an Arizona notary commission for the first time or renewing an expiring commission, you�ll need to purchase an Arizona notary bond in the amount of $5,000. Because of the potential for claims that exceed the $5,000 required bond amount, notaries commonly purchase errors and omissions insurance in conjunction with an Arizona notary bond. The bond�s duration must match the term of the notary commission�four years.
An Arizona notary surety bond agreement is a legally binding contract between three parties:
In issuing a notary bond, the surety is agreeing to extend $5,000 in credit to the principal to pay valid claims filed against the bond. Often, the most common cause of claims against a notary bond is the principal�s intentional or negligent failure to verify a signer�s identity. Imagine the extent of the financial loss that could result if a fraudulently signed document, such as a power of attorney, is used to obtain credit in someone else�s name or transfer assets out of the rightful owner�s name.
The surety will pay a valid claim directly to the injured party, but the principal must repay that amount to the surety because the terms of any surety bond agreement make the principal solely responsible for paying claims.
Arizona notary bonds are sold for a small flat fee ($50 or less), but it�s common for a principal to purchase error and omissions insurance at the same time, and that is sold on a premium basis.
Request a convenient online quote today, or call to speak with one of our experienced professionals about the Arizona notary bond you need to obtain or renew your commission.
