Bulletin: NY000400

Date:
March 11, 2009
To:
All New York State Office Counsel, Managers and Agents
RE:
Survey Coverage

The November 2008 change to the rate manual amended the Standard New York Endorsement (owner and loan) to remove the restriction of policy survey coverage for 1-4 family dwelling.

The following are the underwriting Guidelines for all Stewart policies:

Residential Property

  • Without a survey or survey affidavit, the policy must except "Any state of facts an accurate survey would show

  • With an acceptable survey or survey affidavit, no exception will be taken and the policy coverage will apply.

  • Residential property shall be any property listed as residential on the certificate of occupancy or in the Tax Department up to 10 families.

Vacant Land

  • The following exception must be included on any vacant land policy issued:

o Except any state of facts an accurate survey would disclose.

Commercial

  • The coverage will be determined on a case by case analysis. Underwriter approval is required.

A copy of the Affidavit for Survey Coverage is available on our website www.stewart.com/new-york under Title Forms.

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:
NY000305 2006 ALTA Policies
 
NY000309 2006 Policy Survey Requirements
 
NY000345 (Limited Release) 2006 ALTA policies with TIRSA Endorsements
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None