A Utah Notary Bond is a surety bond that protects the public from damages resulting from misconduct by a Utah Notary Public. The bond guarantees that the Utah Notary will perform their duties according to the Utah Statutes 46 Chapter 1, and acts as a financial guarantee for those damaged by the notary’s actions.
The Utah Notary Public is referred to as the Principal on the bond. The principal pays bond premium to a third-party surety bond company and agrees to indemnify the bond company for any losses. In return, the bond company provides the State of Utah with a notary bond. The bond guarantees payment to those that have been harmed by the notary errors in conducting their official duties.
Should a claim occur against the notary bond, the surety bond company will investigate and pay the claim if necessary. The bond provides a valuable tool to the public. Because surety bond companies are regulated and rated for their ability to pay claims, it should be easier to collect from a bond company than having to try and get compensation from the notary. If a surety bond company does pay a claim, they can then seek to be reimbursed from the notary public under the indemnity agreement.
The amount of a Utah Notary Bond depends on whether the notary is applying to become a remote notary or not. A standard Utah Notary Bond must be in the amount of $5,000. However, when a notary also wants to obtain an online notary commission, an additional $5,000 notary bond will be needed for the remote notary commission. A notary may obtain one single $10,000 notary bond or two separate $5,000 notary bonds to satisfy the requirement.
The amount of the bond is the most the surety bond company must pay regardless of the number of claims filed, the dollar amount of the claims, or the number of years they have written the bond for the notary. Payment under the bond does not generally excuse the notary from further liability, however.
Utah Notary Bonds can be purchased online without a credit check. These bonds can be obtained by anyone. The notary will simply need to provide their contact information, pay the premium and print the bond. These bonds can be obtained in minutes for both regular and remote notaries in Utah.
Notary Errors and Omissions (E&O) Insurance is an important consideration for notaries. Utah does not require notaries to carry E&O insurance for licensing purposes but most notaries should consider this coverage. While a surety bond protects the public from damages by a notary's misconduct, it does not protect the notary. Notary E&O protects the notary from claims and lawsuits against the notary, caused by their mistakes. The insurance often provides defense coverage that can help cover the notary’s legal costs to defend themselves. Various limits can be purchased and coverage is often inexpensive.
A Utah Notary Bond must cover the entire notary commission which is four years. Note that if a notary applies for a remote commission after the fact, the bond will still end on the regular commission date. Both bonds will then need to be renewed at that time.
Utah Notary Bonds can be purchased online without E&O Insurance for $50 or 1% of the bond amount. Adding $10,000 of E&O Insurance will increase the cost to $90. For those needing a $10,000 bond to cover standard and remote notary commissions, a bond can be obtained for $90 without E&O coverage.
Higher amounts of Notary E&O insurance can also be obtained by contacting us.
Utah Notary Bonds are required for all Utah Notaries and Remote Notaries. These bonds are inexpensive and can easily be purchased online without a credit check. Notaries can also learn more about surety bonds by visiting our complete guide. Notaries may also need other license bonds which may be available by visiting our Utah Surety Bond Page. Contact the notary bond experts at Axcess for all your questions and bond needs.
Axcess Surety is the premier provider of surety bonds nationally. We work individuals and businesses across the country to provide the best surety bond programs at the best price.
