Notaries providing remote online services transform business processes. Gone is the lag time associated with many routine tasks in finance, insurance and legal services. Experts point out that remote online notarization (RON) has additional benefits beyond speed and convenience.
Saving Time
Time is money—and this is perhaps more true these days then ever. As remote online notarization becomes more and more common, notaries are playing an important role in streamlining many previously time consuming business processes. As MarketScreener reports:
Financial services and insurance organizations can start modernizing key business processes in the US today using remote online notarization. Some of the highest impact areas include:
Auto title transfers: Virtually every vehicle title transfer in the US requires a limited power of attorney, which must be notarized to complete a transaction. In the auto lending and insurance space, title transfers from borrowers to lenders or insurers are commonplace….RON solutions can enable insurers to resolve claims faster for their customers and empower lenders to deliver a better refinancing experience to their borrowers.
Beneficiary changes & retirement distributions: When a retirement plan participant wishes to change beneficiaries or retirement benefit elections, certain ERISA-qualified retirement plans require spousal consent to authorize such changes….Wealth managers or insurance companies offering retirement solutions can help their clients more efficiently navigate plan changes using RON solutions.
Establishing trusts: Trusts — a fiduciary arrangement allowing a third party, or trustee, to hold assets on behalf of a beneficiary — are a common component of estate plans. Trust agreements …are often accompanied by a certificate of trust, a legal document that certifies the trust’s existence and the trustee’s legal authority to act. These documents often must be notarized, and the certificate of trust is also often requested by banking institutions to fund and open a trust account. Using RON solutions for these trust documents can simplify a planning process….
Protecting The Public
Notaries, whether working in person or online, continue to have the essential duty of protecting the public from fraud and identity theft. Given the seriousness of this duty, most states require notaries to obtain a type of surety bond known as a notary bond. This bond serves as a guarantee that you will perform your duties in accordance with all regulations and avoid wrongdoing in the performance of your duties. Leading, national bond provider, Colonial Surety Company makes it easy and instant for notaries in every state to get bonded—digitally! With Colonial, notaries can obtain and e-file their bonds anytime, from anywhere, with just a few clicks. The steps are easy—get a quote online, fill out the information, and enter a payment method. Bonds are ready to e-file or print instantly. It’s that simple. Obtain your Notary Bond Now!
As MarketScreener points out, in addition to the convenience, speed and access remote online notarization provides, it can also allow for greater protection, via “a more robust evidentiary record, reduced risk of fraud, and greater security and enforceability.” It also creates a digital audit trail, which helps the notary public and organization track notarial activity over time to ensure compliance with local laws and regulations.” Though notaries have the duty to protect the public, they often go without protection for themselves. This is unwise given the variety of expectations and regulations that impact notaries. Why let a mistake or misunderstanding destroy the notary practice you are working so hard to build? Across the country, notaries are coming to Colonial Surety for both their notary bonds and affordable Professional Liability Insurance. Armed with this coverage, also known as Errors & Omissions Insurance, if you are ever sued for negligence because mistakes were made—or alleged, Colonial will cover legal defense expenses, as well as the cost of settlements and judgments. At Colonial, it’s so easy, quick and affordable to obtain protection. You can do it right here, now: Professional Liability/E&O Coverage Here.
Founded in 1930, Colonial Surety Company is a reliable, affordable, and reliable source of insurance and surety bonds for working people and their businesses all across the country. Our direct, digital portfolio of 4,000 license and permit bonds and liability protections covers a wide range of interests, professions and businesses. Colonial Surety Company is listed by the US Treasury as an approved surety, and rated “A” (Excellent) by A.M. Best.
With Colonial notaries across the country, they can obtain their required notary bonds and important professional protection, like E&O insurance, all in one place, affordably and with just a few clicks: Let’s Get You Covered and On Your Way–Today!