Bulletin: OR2011002

Date:
June 06, 2011
To:
All Oregon Issuing Offices
RE:
Rate Filing - Wind Energy Endorsement

Dear Associates:   

This Bulletin advises you of the approval by the Oregon Division of Insurance of Stewart’s use of OTIRO Endorsement Form 108, the Wind Energy – Personal Property Endorsement (the "Wind Energy Endorsement").  The effective date of the approval is February 22, 2011. 

The Wind Farm Endorsement may be issued with Windfarm Leasehold Policies, upon request by the Insured.  This Endorsement provides additional coverage to the Insured when the subject property contains wind turbines used for a wind energy project.  There is currently no settled law in Oregon as to whether the wind turbines are real or personal property despite the fact that the turbines are an essential part of the project. 

The core coverage provided by the Endorsement is triggered when an event impacting the title to the real property results in the removal of the wind turbines.  The removal of the wind turbines could be calculated as damage that could be incurred by the Insured.  The Endorsement allows the Insured to benefit from coverage for damages that may be incurred as a result of a defect in the real property title without making a determination as to whether the wind turbines are real or personal property.   

The endorsement does not insure title to or status of the wind turbines or other components of the project to the extent that they may be legally determined to be personal property.   

The charge for this endorsement is 5% of the Basic Rate with a minimum of $250.00 and a maximum of $1,500.00.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
Stewart Title Guaranty Endorsement No. 108 Wind Energy - Personal Property Endorsement