Bulletin: NJ000071

Date:
March 19, 2003
To:
All Issuing Offices in New Jersey
RE:
Going Concern Endorsement - NJRB Form 5-70

Dear Associates:

Effective March 3, 2003, the Department of Banking and Insurance has approved a new Going Concern endorsement to be used solely in commercial transactions. The endorsement modifies the definition of loss in our policies to include a consideration of the use of the land at the time of loss.

The endorsement carries a charge of 20% of the applicable underwriting premium.

You must call a State Underwriter of Stewart Title for approval to issue this endorsement.

An informational form of the endorsement is available through the references section at the endo of this bulletin.

Should you have any questions, please call the State Office.

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

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
NJRB 5-70 Going Concern Endorsement (NJ last revised 9/10/07)