Bulletin: NJ2014002

Dear Associates:

Changes have been made to the New Jersey Rate Manual. The Manual has been filed with the New Jersey Department of Banking and Insurance and is effective May 1, 2014. Please take the opportunity to familiarize yourself with the updated Rate Manual including the following revised policy forms, revised endorsements, and endorsements newly introduced in New Jersey:

Policy Forms:

NJRB 1-10; ALTA Policy United States Form (9/28/1991). New revised date 4/15/2014.

NJRB 1-16; ALTA Homeowner’s Policy of Title Insurance (10/17/1998). New revised date 5/15/2014.

NJRB 2-11; Expanded Coverage Residential Loan Policy (New Jersey Variation). New revised date 5/15/2014.

NJRB 2-14; ALTA Short Form Expanded Coverage Residential Loan Policy (10/22/2003) (New Jersey Variation). New revised date 4/15/2014.

NJRB 2-15; ALTA Short Form Residential Loan Policy (12/03/2012) (New Jersey Variation). New revised date 4/15/2014.

Endorsements with effective revision dates of 4/15/2014:

NJRB 5-95; ALTA Endorsement Form 9-06 Restrictions, Encroachments, Minerals - Loan Policy (New Jersey Variation).   

NJRB 5-96; ALTA Endorsement Form 9.1-06 Covenants, Conditions, and Restrictions - Unimproved Land - Owner’s Policy (New Jersey Variation).

NJRB 5-97; ALTA Endorsement Form 9.2-06 Covenants, Conditions, and Restrictions - Improved Land - Owner’s Policy (New Jersey Variation).  

NJRB 5-98; ALTA Endorsement Form 9.3-06 Covenants, Conditions, and Restrictions - Loan Policy (New Jersey Variation).

NJRB 5-104; ALTA Endorsement Form 12-06 Aggregation Endorsement - Loan Policy

NJRB 5-138; ALTA Endorsement 9.6-06 Private Rights - Loan Policy (New Jersey Variation)

NJRB 5-139; ALTA Endorsement 9.7-06 Restrictions, Encroachments, Minerals - Land Under Development - Loan Policy (New Jersey Variation).

NJRB 5-140; ALTA Endorsement 9.8-06 Covenants, Conditions, and Restrictions - Land Under Development - Owner’s Policy (New Jersey Variation).

Endorsement with effective revision date of 5/15/2014:

NJRB 5-134; ALTA Endorsement Form 33-06 (Disbursement)

The New Jersey Department of Banking and Insurance has approved the following new forms to be used with the 2006 ALTA Loan and Owner's Policies already approved for use in the state.

The following are effective 4/15/2014:

NJRB 5-156 ALTA Endorsement 9.9-06 (Private Rights - Owner’s Policy) (New Jersey Variation): This endorsement may be issued with a Loan or Owner’s policy; the charge for the issuance of this endorsement is 10% of the Standard underwriting charge with a minimum of $100. Survey coverage must be provided in order to issue this endorsement. This endorsement provides coverage for loss or damage sustained upon enforcement of Private Rights.  

NJRB 5-157 ALTA Endorsement 9.10-06 (Restrictions, Encroachments, Minerals - Current Violations - Loan Policy) (New Jersey Variation): This endorsement may be issued with a Loan Policy. The charge for issuance for 1-4 family residential property is $25; if not 1-4 family residential then the charge is 10% of the underwriting charge for the loan policy, with a $100 minimum. This endorsement provides coverage for loss or damage resulting from inaccuracies in the affirmative language contained in it.  

NJRB 5-158 ALTA Endorsement 12.1-06 (Aggregation - State Limits - Loan): This endorsement is issued with a Loan policy. The charge for issuance of this endorsement is 10% of the premium charged for the policy or policies. This endorsement, when affixed to a loan policy insuring a mortgage which is secured by more than one property in New Jersey, or in New Jersey and other jurisdictions, and when policies are to be issued insuring the mortgage lien on all the properties so encumbered, will provide coverage in the aggregate of a specific amount stated or an amount restricted by the coverage afforded within this State.

NJRB 5-159 ALTA Endorsement 28.2-06 (Encroachments - Boundaries and Easements - Described Improvements) (New Jersey Variation): This endorsement is issued with a Loan policy and the charge for this endorsement is $25. This endorsement insures against loss or damage sustained by reason of certain encroachments of Improvements and the enforced removal of any Improvement located on the Land that encroaches onto adjoining Land.

The following is effective 5/1/2014:

NJRB 5-160 ALTA Endorsement 23-06 (Co-Insurance - Single Policy) - There is no charge for this endorsement. This endorsement sets forth that several underwriters have adopted the Co-Insurance Policy’s Covered Risks, Exclusions, Conditions, Schedules and endorsements and have agreed to be liable for the insured amount of insurance and liability percentage set forth in the endorsement.

The guidelines and underwriting requirements for issuance of these endorsements may be found on Virtual Underwriter at www.vuwriter.com. Pricing for all endorsements is determined by the Rate Manual.  

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

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.