Bulletin: OR2012004

Dear Associates:

This Bulletin is sent to advise you of the approval of the STG Environmental Protection Lien Endorsement by the Oregon Division of Insurance.  The effective date of the approval is June 14, 2012. 

On March 19, 2012, Section 10.208 of the OTIRO Oregon Rating Manual was amended.  Prior to March 19, 2012, the manual provided that either OTIRO Endorsement Form 208.1-06 or OTIRO Endorsement Form 208.2-06 could be issued with a loan policy.  There was no restriction on the type of transaction either endorsement could be issued with, despite the fact that there is a rate difference for these endorsements.  The manual now provides that OTIRO Endorsement 208.1-06 may be issued only for a Loan Policy covering a one-to-four family dwelling.  It also provides that OTIRO Endorsement 208.2-06 may be issued for a Loan Policy or an owner's policy on land other than a one-to-four family dwelling. 

Stewart Title Guaranty Company ("Stewart") filed the STG Environmental Protection Lien Endorsement which mirrors the OTIRO Endorsement 208.1-06 in content; however, the Stewart form is intended for use on multi-family projects.  Specifically, the form can be utilized for complexes that include dwelling units that are not being used for commercial purposes, but may not fall within the "owner occupied" or one-to-four restriction (such as apartment buildings).  These complexes contain units occupied by individual(s) who are leasing a unit as a private residence, however, the individual(s) may be leasing the unit from the actual owner of the complex. 

There is no charge to issue the STG Environmental Protection Lien Endorsement.  The form number is STG Endorsement 208.1-06.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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