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Bulletin: AL2017001

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Bulletin: AL2017001

Bulletin Document
V 1
Date: April 13, 2017
To: All Alabama Issuing Offices
RE: RATES AND/OR FORMS UPDATE - New Forms and Rates Approved

Dear Associates:

The Alabama Department of Insurance has approved the following new Endorsement Rates for use in Alabama, effective May 1, 2017:

ALTA 3.1-06

Zoning - Completed Structure

$0.15/$1000 of liability

ALTA 3.2-06

Zoning - Land Under Development

$0.15/$1000 of liability

ALTA 15-06

Nonimputation - Full Equity Transfer

$0.15/$1000 of liability

ALTA 15.1-06

Noniumputation - Additional Insured

$0.15/$1000 of liability

ALTA 15.2-06

Nonimputation - Partial Equity Transfer

$0.15/$1000 of liability

ALTA 17.2-06

Utility Access

$0.10/$1000 of liability

ALTA 28-06

Easement - Damage or Enforced Removal 

$0.10/$1000 of liability

ALTA 28.1-06

Encroachments - Boundaries and Easements

$0.10/$1000 of liability

ALTA 28.2-06

Encroachments - Boundaries and Easements - Described Improvements 

$0.10/$1000 of liability

ALTA 38-06

Mortgage Tax

$0.05/$1000 of liability

ALTA 45-06

Pari Passu Mortgage - Loan Policy

$0.10/$1000 of liability

As a reminder, the minimum charge for all endorsements is $100.00 unless otherwise noted in Stewart’s Schedule of Charges for use in the State of Alabama. Also, when computing premium on a fractional thousand, round up to the next highest whole thousand. For instance, if the amount of the policy to be issued is $33,259, round up to $34,000 when calculating the premium.

A change in the form of Closing Protection Letters occurred beginning April 2, 2017. The forms filed in October 2011 were withdrawn and replaced by the ALTA Closing Protection Letters, which were adopted by the American Land Title Association. 

As a reminder, other forms should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in Alabama should be used, unless approved by a Stewart underwriter.

All AIM+ users are reminded to contact PropertyInfo to get the new rates implemented in your system. Users of other production software should contact the software provider to get the new rates implemented in your system. 

If you have any questions relating to this or other bulletins, please contact the Alabama State Office for assistance.

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

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.

References