You could expose a lot of persons to substantial liability for an error in witnessing a signature. There is a protocol for notarizing and witnessing a documents and securing your notary stamp. If you perform the above two acts with diligence and integrity on each and every time you use your notary seal, you'll more than likely escape major liability during your term as a notary public.
If your are careless as many notaries are. I know I hurt a lot of egos with the previous statement, but it would not be truthful, if I spoke any differently. That is partially accountable for why the notary public rules change drastically in California in early 2008. Every notary in California must COMPLETLY Re-qualify for licenses that may have been in force and in good standings for 30 to 50 years.
Plus, you are required to submit to a background check by the California DOJ and the FBI in addition to being required to complete 6 hours of continuing education. Both must come back before a commission will be extended.
At times many well-intentioned notaries (especially notaries unfamiliar with the law or that in some cases are intentionally manipulated) into acts that are fraudulent and ultimately criminal. There is some serious fraud going on in the marketplace.
If you are professional and prudent and a person of strong integrity and character, you more or less will never need the insurance. If on the other hand you periodically lose or misplace your notary bag and/or seal, allow others to handle your stamp and journal with permission, or if you are marginal in your understanding of notary laws or practices, you should get the insurance.
Just remember if there is a claim, that will pay, but they will look to you for reimbursement in some cases. I've worked with many notaries in professionals and in many instances as to how liberal they handle their notarial duties. It is no accident that identity theft is rampart and at the top of the FBI list. Technology had made it easy to manufacture documents and identification.
FYI: I'm entangled in the web regarding the reinsurance of my commission, as I write this comment. Advise: Use that 6-month window before the expiration of your commission. You will need it to get your commission renewed on time. As I write this blog, the SOS is backed up and processing exams completed March 2nd, 2008.
Piece of Triva:
At one time (prior to 1983) the California Notary Exam was 10 questions in which a notary public proctored you and the notary could earn $10 for rendering such services.
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