Indiana Notary Bonds

What Are Indiana Notary Bonds?

An Indiana notary bond is classified as a license and permit bond. This is because purchasing and maintaining one is a prerequisite for operating as a notary public in the state of Indiana. These bonds serve multiple purposes:

They require notaries public to perform their duties in compliance with all applicable laws and regulations.
They provide financial protection for the Indiana Secretary of State�s office, which issues notary public commissions, and members of the public who use notarial services.
They ensure that funds will be available to compensate people who have incurred a financial loss because of the deliberate malfeasance or unintentional mistakes of a notary public.

Indiana Surety Bonds: Key Requirements and Application Guide

Purchasing a $25,000 Indiana notary bond is a mandatory step in the process of obtaining a new or renewal commission as an Indiana notary public. The bond must have the same eight-year term as an Indiana notary commission. It must remain in force for the entire eight years to prevent suspension or revocation of the notary public commission.

Because of the possibility of an inadvertent mistake or false claims against an Indiana notary bond, it�s common for notaries to purchase optional errors and omissions insurance. They do this for their own financial protection in addition to the required Indiana notary bond.

How Do They Work?

Documents that require notarization are typically important ones that attest to the truth, confer authority, or convey property. The role of a notary public is to verify the identity of signers, witness their signatures, and apply a seal declaring them to be true signatures. Thus, notaries public play an important part in preventing fraud and its costly consequences.

Any violation of the terms of the surety bond agreement for an Indiana notary bond resulting in financial harm to an innocent party can trigger a claim against the bond. In such an event, the surety bond company will investigate the claim before declaring it valid and approving it for payment.

The surety will pay the claim on behalf of the principal and give the principal some time to repay that debt, often in installments over a certain period of time.

What Do They Cost?

Indiana notary bonds typically are sold for a small, flat fee, typically under $100, without going through an underwriting process.

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