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: NY000411
Bulletins by State or Territory
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Bulletin: NY000411
V
2
Date: August 28, 2009
To:
All New York State Office Counsel, Managers and Agents
RE:
Changes to Mezzanine Endorsement
Effective 8/15/2009, the Fairway Endorsement will no longer be available. Due to changes in the 2006 policies, which changed the definition of insured to include successors by dissolution, merger, consolidation, distribution or reorganization, the Fairway Endorsement no longer provides additional coverage.
A new Mezzanine Endorsement has been approved and can be used immediately. It can be found at www.stewartnewyork.com under endorsements.
Section 35 of the Rate Manual, Mezzanine Financing Insurance, has been changed as follows:
- The charge to issue a Mezzanine Endorsement in connection with an owner's or leasehold policy is now 20%.
- A Mezzanine Endorsement can now be added to an existing owner's or leasehold policy previously issued. The charge will be 20% of the owner's rate in effect as of the date of issuance of the Mezzanine Endorsement.
Please note the effective date of the existing owner's/leasehold policy is not changed by the issuance of the Mezzanine Endorsement.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None