In Costa Rica you eventually will need the services of a Notary Public. Their services are required when you purchase a car, a home or draft a will. To be a Notary in Costa Rica you also must be an Attorney. What happens when the Public Notary makes a mistake that causes you damages. In the past there was a Notary guarantee fund that would compensate claims filed against the Notary but the coverage amounts were extremely low. Starting in February of 2022 all Notary Publics must purchase an Errors and omissions policy from a licensed insurance company in Costa Rica.
A Notary Public can be temporarily suspended if they are not up to date with the insurance premiums.
What is the amount of Coverage
The minimum amount of coverage is based on a formula which multiplies the base salary of a government official (currently 462,200 Colones (US$727) times fifty five which is 25,421,000 Colones about US$40,033 at the current exchange rate. Insurance companies will offer higher policy limits. The government insurance company I.N.S. has coverage up to 100,000,000 Colones about US$157,500.
What does it Cover
Insurace covers the sums that the Insured (each individual notary) is legally obliged to pay as Civil Liability liability for damages and losses caused to persons and/or property with whom the Insured has a relationship with persons and/or their property, with whom the Insured has a contractual and/or professional relationship for the rendering of services, due to the legal contractual and/or professional relationship of rendering services, due to the legal exercise of his/her profession.