Bulletin: OH2011001

Date:
July 27, 2011
To:
All Ohio Issuing Offices
RE:
New Ohio Rate and Form Filing

Dear Associates:

The Ohio Title Insurance Rating Bureau has approved the following changes to the Promulgated Rates for use in Ohio.  Effective immediately the following changes are made:   

The following amended ALTA Policy Forms have been approved for use in Ohio (note that these forms have not been substantially altered): 

ALTA Expanded Coverage Residential Loan Policy 07/26/10  

ALTA Short Form Expanded Coverage Residential Loan Policy Revised 07/26/10 

The following Endorsements have been approved as a NEW FILING: 

ALTA Endorsement 30-06 (Shared Appreciation Mortgage) (7-26-10) 

The following rate rules have been amended: 

PR-2 has been amended to read as follows: 

PR-2 SIMULTANEOUS ISSUANCE OF OWNER’S FEE POLICY AND AN OWNERS POLICY WITH LEASEHOLD ENDORSEMENTS
When an Owner’s Fee Policy and an Owner’s Policy with Leasehold endorsement covering identical land are issued simultaneously, the rate for an Owner’s Fee Policy shall be the Applicable Owner’s Rate. The rate for each Owner’s Policy with Leasehold endorsement so simultaneously issued shall be 30% of the Original Rate for an Owner’s Policy up to the amount of the Owner’s Fee Policy, the minimum premium being $100.00 for each Owner’s Policy with Leasehold endorsement. The rate on the amount of each Owner’s Policy with Leasehold endorsement in excess of the Owner’s Fee Policy is the Original Rate for Owner’s Policy in the applicable bracket or brackets for such excess amount. 

ER-23 has been amended to read as follows: 

ER-23 OTIRB OH - 23 CO-INSURANCE – SINGLE POLICY
(ALTA FORM 23)
As a transaction where the total liability is assumed by two or more co-insurers, with the liability being divided between the co-insurers from the first dollar, the rate applicable to the liability assumed by each co-insurer shall be the applicable rate computed as though each coinsurer were the primary insurer from the first dollar of its liability. There is no additional premium for the endorsement.

The following has been added: 

PR-12 CO-INSURANCE 
In all transactions where the total liability is assumed by two or more co-insurers, with the liability being divided between the co-insurers from the first dollar, the rate applicable to the liability assumed by each co-insurer shall be the applicable rate computed as though each co-insurer were the primary insurer from the first dollar of its liability.

Attached is the updated Ohio Rate Manual. 

As a reminder, agents using AFW should contact PropertyInfo Customer Care to get the new rate changes implemented in their AFW system.

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:
ALTA Endorsement 30-06 (Shared Appreciation Mortgage) (7-26-10)