Guideline: Request for Approval to Issue Overlimits in The Bahamas

Explanation:

Where the proposed transaction liability amount exceeds the agreed to threshold set in your Underwriting Agreement (or related Amendment, if applicable), you must submit an overlimits approval request using the BH Request for Approval to Issue Overlimits in the Bahamas form ("OTL Form").  In addition, underwriting approval for high liability, mechanics' lien issues, and any other extrahazardous risks is always required.   The OTL Form must also be submitted in the event there is any conflict of interest or potential conflict of interest in the issuance of any title insurance policy, regardless of the amount of the policy.

Underwriting Requirements:

You must complete and submit the OTL Form directly to Policyapprovalrequest@stewart.com with a copy to Senior Underwriter Lisa Delvecchio at Lisa.Delvecchio@stewart.com.

All overlimit requests must be made prior to and ideally well in advance of the transaction’s closing date. 

You will also need to include any prudent information (prior policy, current title commitment, additional documents prudent to the transaction, etc.) with necessary attachments. Once submitted, Stewart’s underwriters will commence the approval review process. In some cases, this process can be time-consuming and our underwriters may have additional questions you will need to satisfactorily address. Our underwriters make every effort to approve your request in a timely manner but depending upon the situation, the amount of coverage requested, and how quickly you respond to their questions, additional time may be required for further consideration by Stewart’s underwriting committee or to obtain Senior Underwriter approvals. In some cases, receipt of a pro-forma policy may be required by our underwriters—please be prepared to submit one if there is a formal request for you to do so. The pro-forma policy will be in draft form only and reviewed by our underwriters exclusively.  

An overlimits approval by Stewart may be granted with conditions or exceptions which must be considered.  Once Stewart issues an authorization for the over the limit amount, only then can you release to the necessary parties the i) title commitment and ii) Stewart’s Data Protection Notice for The Bahamas.  In the event a title commitment is released prior to approval, the following statement must be included in the title commitment:

     Approval to issue this policy must be obtained from a Senior Underwriter of Stewart Title.  This title commitment and any policies to be issued are subject to any additional limitations, requirements or exceptions made by Stewart Title.

Approvals are issued based upon the information that is supplied with the overlimits request. If there are additional material facts or any substantive change of circumstances between the date of approval and the date of closing, or if additional coverages are requested, agents must obtain supplemental written approval from a Senior Underwriter.

The OTL Form is revised from time to time and is available in the Forms Section on Virtual Underwriter.  Please ensure that your files are updated promptly with the most current version of the OTL Form or return to Virtual Underwriter each time to utilize the most current version of the OTL Form for each request.

Please note: approval of an OTL Form is not an approval for Reinsurance.