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Purchasing an Arkansas notary bond is a mandatory step in the process of becoming commissioned or renewing a commission as a notary public in the state of Arkansas. Notaries play an important role in preventing fraud by verifying, witnessing, and attesting to the signatures on important documents such as wills, deeds, trust agreements, prenuptial agreements, powers of attorney, affidavits, and more. There is a lot of potential for abuse with documents such as these that confer control or ownership of assets or attest to the truth of a matter.
An Arkansas notary bond serves as a notary�s guarantee to perform notarial duties in accordance with all applicable Arkansas statutes. Failure to do so can result in a claim for damages being filed against the bond by anyone who incurred a financial loss due to the notary�s unlawful or unethical actions.
There is significant potential for claims that exceed the $7,500 required amount of an Arkansas notary bond. Consequently, notaries typically purchase error and omissions insurance to protect themselves financially.
Whether you�re applying for a new commission as an Arkansas notary public or renewing an expiring commission, you�ll need to provide the Arkansas Secretary of State�s office with the required $7,500 Arkansas notary bond. The bond must have the same duration as your notary commission�ten years.
Surety bond agreements are legally binding contracts, and all of them use the same terminology to refer to the three parties involved. In the case of an Arkansas notary bond, these parties are:
If you do something (or fail to do something) as a notary that causes someone to suffer a financial loss, that person can file a claim against your Arkansas notary bond. If the surety finds the claim to be valid, the claimant will be compensated for the loss, up to the full $7,500 bond amount. If the claim is for more than $7,500, you�ll be thankful if you have error and omissions insurance to cover the excess.
Even though the principal is solely responsible for paying claims, the surety typically pays the claim and is then reimbursed by the principal.��This arrangement has benefits for both the claimant and the principal. The claimant receives prompt payment, and the principal gets some time to come up with the funds to repay the surety, which often can be done in installments rather than one large lump sum.
Purchasing an Arkansas notary bond that meets the state�s requirements isn�t costly, usually no more than $50, with no underwriting. If you�re buying an error and omissions insurance policy at the same time, that requires a separate premium.
Request a convenient online quote today, or call us to discuss the Arkansas notary bond you need to obtain or renew an Arkansas notary public commission.
