THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: UK000001
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Bulletin: UK000001
Dear Associates:
Before obtaining reinsurance, your office must first obtain the standard overlimits approval from Stewart Title Insurance Company (UK) in order to issue a large commitment and/or title guaranty or policy as required by your agency, retainer, or underwriting agreement with Stewart Title Insurance Company (UK).
When to get Reinsurance
If our risk exceeds 200,000 pounds, you must obtain reinsurance. Please contact Stewart Title Insurance Company (UK)'s Reinsurance Department to obtain reinsurance over 200,000 pounds, in order to discuss your requirements with Janet Milton or Michael Hickmott at Stewart Title Insurance Company (UK) at 01392 430792.
Forms subject to reinsurance include the following:
- Any title guaranty or policy over 200,000 pounds
- Endorsements if the title guaranty or policy exceeds 200,000 pounds
- Multiple title guaranty or policies on different estates that total over 200,000 pounds
- Multiple loan title guaranty policies that total over 200,000 pounds
Please note, however, that if you are compelled to issue a commitment prior to obtaining reinsurance approval, you must provide an exception until such approval can be obtained.
Overview
Please see our underwriting criteria if you want more information on our reinsurance guidelines.
Note: A copy of every title guaranty or policy issued by Stewart Title Insurance Company (UK) Limited which exceed 200,000 pounds must be sent to the reinsurance department along with a copy of the executed overlimit authority form and the reinsurance questionnaire.
EXHIBIT 1
National Requirements
Overlimit of Issuing Agent
Title Guaranty or Policy: If the title guaranty or policies to be issued are in excess of the limits of the issuing agent's underwriting authority as set forth in the underwriting agreement or involve unusual risks, approval to issue such title guaranty or policies must be obtained form Stewart Title Insurance Company (UK) Limited. This commitment and any title guaranty or policies to be issued are subject to any additional limitations, requirements or exceptions.
Title Guaranty or Policy Requires Reinsurance: If the title guaranty or policies to be issued are in excess of 200,000 pounds, issuance of this commitment and the title guaranty or policies are subject to the approval of Stewart Title Insurance Company (UK) Limited and its reinsures prior to issuance. This commitment and any title guaranty or policies to be issued are also subject to any additional limitations, requirements or exceptions.
Remember: Before obtaining reinsurance your office must first obtain the standard overlimits approval from Stewart Title Insurance Company (UK) Limited to issue a large commitment and/or title guaranty or title guaranty or policy as required by your agency, retainer, or underwriting agreement.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None