BH Request for Approval to Issue Overlimits in The Bahamas (Revised 07-10-23)

REQUEST FOR APPROVAL to Issue Overlimits in The Bahamas

Download a Fillable PDF Version of the Overlimits Form

You must complete this form and email it to PolicyApprovalRequest@stewart.com and
email a copy to Lisa Delvecchio: Lisa.Delvecchio@stewart.com

AGENT DETAILS:

TO:   STEWART TITLE LIMITED (Bahamas) and its affiliated companies (“Stewart”)

REQUEST DATE:

FROM (person requesting approval):

FROM (Agent/Company/Issuing Office requesting approval; please also include City): 

EMAIL:

TEL:

FAX:

PROPERTY DETAILS:

Please complete details in this section where applicable or known.  If it does not apply (e.g. Project Name), leave blank.  If you do not have a property address, please include the city or region where the property is located.  The more particulars and details you provide, the greater our ability to review and approve in a timely manner.

Title/File/Order No.:

Subject Property Address:

Project Name/Reference:

Anticipated Closing Date:

COVERAGE DETAILS:

1.   PREMIUM: please specify:

a) Total premium charge to customer for title insurance policies (excluding endorsements): $

b) Amount of premium for title insurance policies (excluding endorsements) that will be remitted to Stewart: $

c) Total premium charge to customer for endorsements: $

d) Amount of premium for endorsements that will be remitted to Stewart: $

e) Total amount of premium charge customer for title insurance policies and endorsements: $

f) $ per thousand premium charge to customer for title insurance policies and endorsements: $

g) $ per thousand remitted to Stewart for title insurance policies and endorsements: $

2. Title was searched and examined from ______________________ to ______________________.  (Please do not include the period covered by any Starter.)

3.  Previous Policy, if any.  Attach a copy of the Starter.  Please also specify: name of title insurer, prior effective date, policy type (owner’s or loan):

4.  List the Policy Form(s), Type of Policy (Owner or Loan), Insured(s) and Policy Amount in USD.  If the Policy Form is not identified, approval will be for the STL BAHAMAS (08-31-22) Version.  YOU MUST ATTACH COPIES OF COMMITMENT(S) AND ANY PRO FORMA(S)

5. Description of the Property (e.g. undeveloped, apartments, offices, etc.):

6.  Describe briefly but with adequate detail: (a) Transaction and (b) Purpose of Financing particulars:

7.  Describe Grantor/Mortgagor/Owner: name, type (e.g. person, entity, including noting if Owner is in possession), and authority (e.g. by way of power of attorney, corporate resolution, approval by shareholders/partners/members/etc., other)

8.  Issuing Office/Company/Agent (“Issuing Office”):

a) Describe any conflict of interest or potential conflict of interest between Issuing Office and the Proposed Insured.  A blank will be deemed “NONE”.

b) If the Issuing Office is an agent, please provide the names of all officers of the agent and all principals of the agent that own 10% or more of the agent.  A blank will be deemed “NONE”.

9.  Endorsements being requested are listed below or attached in a separate list:

10.  Does the file involve the following?  Note with a Y for YES (anything left blank will be deemed a NO)

___ owner in possession
___ construction loan
___ broken priority: has there been a break in ownership between the issuance of a previous policy and the current proposed issuance?  If so, please describe the underwriting.  Note, if no broken-priority, please explain.
___ Recent construction performed or completed within the lien period? If so, please describe the underwriting.  If not, explain how you know.
___ Access based solely upon an easement (i.e. there is no direct access to a dedicated public street)?  If so, was title to the access easement examined and insured?
___ Lien priority based upon subordination of a lien or mortgage.  If so, please explain.
___ Tidelands, filled land, submerged land, navigable waters or riparian issues
___ Insuring title to railroad property
___ Title based upon judicial proceedings (e.g. tax foreclosure, condemnation, bankruptcy)
___ Title based upon foreclosure or deed in lieu of foreclosure
___ Mineral coverage on commercial property in area of mineral development
___ Title derived from foreclosure or deed in lieu of foreclosure regarding a construction loan deed of trust, within the last 3 years
___ Easement independent of real property (i.e. an easement in gross)
___ Insured option
___ Indigenous Lands
___ Water rights
___ Sheriff’s sale in last 10 years (other than mortgage foreclosure)
___ Assignment or partial assignment or mortgage of a lease, easement or other interest.  If so, describe consents/approvals to be obtained.
___ Reliance upon an indemnity?  If so, describe purpose and provide a copy
___ Insuring around a recorded lien or encumbrance (e.g. by omitting, deleting or providing affirmative coverage)
___ Survey concerns (e.g. survey shows significant conflict or encroachment)
___ Current owner not in occupation of the property
___ Other extra hazardous risks, such as those shown in VU Underwriting Manual Section 5.36;
___ A hospital, medical facility, health research facility, teaching facility for health related fields, facility for individuals with intellectual disabilities, medical or nursing school. If so, please see VU Underwriting Manual Section 8.12
___ Any purchase contract(s) or option(s) outstanding, other than the purchase contract in favor of the proposed insured
___ Current, recent or impending litigation that might affect the subject property
___ A transaction that, to your knowledge, has been turned down by another underwriter
___ If a loan in the amount of $10 Million or more, will it be disbursed in multiple disbursements?
___ Other:

If any item is checked under Question 10, please further describe below or by supplementary documentation:

11.  Other unusual risks, issues and/or affirmative coverages, if any:

12.  If transaction involves co-insurance, list the co-insurers and their liability amounts/percentages:

CONFIRMATION:

We/I confirm the Policy/Policies can be issued as:

• we are/I am an issuing agent authorized in the Bahamas, in compliance with Bahamian law;
• the requested Policy complies with Stewart’s underwriting guidelines, including, but not being limited to those set out on Virtual Underwriter based on our examination of title and the foregoing;
• we have reviewed the names of all parties to the closing against Stewart’s SDN List with clear results;
• the requested coverages and endorsements are permitted to be issued in The Bahamas;
• the rates to be charged are in compliance with ICB regulations; 
• we have complied with the Law (as defined in our Underwriting Agreement), including but not being limited to the ICB’s Notices concerning AML/CFT/PF Guidelines*; and
• we are remitting, in a timely manner, Stewart’s portion of the premium which is calculated in compliance with the terms of our Underwriting Agreement.

     *Ex. ICB Notice of July 30, 2021, October 25, 2021, January 6, 2022 and other future notices.

This form must be signed and acknowledged by Agent before forwarding to a Senior Underwriter at Stewart.  Check the appropriate statement below:

___ We/I acknowledge all of the foregoing statements under the Confirmation to be true.

___ We/I acknowledge all of the foregoing statements under the Confirmation to be true, save and except for: 

Principal of the Agent:

Signature:

Printed Name:

Title:

Date Signed: 

IF THERE ARE ADDITIONAL MATERIAL FACTS OR SUBSTANTIVE CHANGES OF CIRCUMSTANCES OR IF ADDITIONAL COVERAGES ARE REQUESTED, YOU MUST OBTAIN WRITTEN APPROVAL FROM STEWART.  A COPY OF THE COMMITMENT OR TITLE REPORT MUST ALSO BE ATTACHED.

NOTE:  THIS IS NOT AN APPROVAL FOR REINSURANCE

If the Policy amount is $100,000,000.00 USD or larger, you must contact Stewart’s Reinsurance Department (even if Reinsurance is not required) so that the transaction may be properly reported to Stewart’s management.

AUTHORIZATION TO ISSUE:

Re: Title/File/Order No.: 

Based upon the information above given, approval is hereby granted to issue the Policy as requested, subject to the following conditions:

 ___ Review and approval of Underwriting Committee required.  To be addressed on a separate form which shall attach and form a part of this OTL form request.

Issuance of policies and endorsements is subject to compliance with Underwriting Guidelines.

Senior Underwriter Signature:

Date:

Senior Underwriter Signature:

Date: