Bulletin: RI2012002

Date:
October 12, 2012
To:
All Rhode Island Issuing Offices
RE:
Rate Changes

Dear Associates:

A new rate book for Rhode Island, effective November 1, 2012, will be sent to you soon. 

The rate changes are as follows:

1. For standard Owner’s Policies, the premium rate for coverage amounts up to $5,000,000 will be a single rate of $3.50/$1000 above the minimum charge of $100.

2. For enhanced Homeowner’s Policies, the premium rate for coverage amounts up to $5,000,000 will be a single rate of $3.85/$1000 above the minimum charge of $100.

3. For standard Loan Policies, the premium rate for coverage amounts up to $2,000,000 will be a single rate of $2.50/$1000 above the minimum charge of $100.

4. For Expanded Coverage Residential Loan Policies, the premium rate for coverage amounts up to $2,000,000 will be a single rate of $2.75/$1000 above the minimum charge of $100.

A refinance charge shall apply to all 1-4 family residential refinance transactions if the property is currently encumbered by a first mortgage held by an institutional lender recorded within the last ten (10) years. The refinance charge shall be sixty percent (60%) of the regular policy premium for a loan policy.

Please click here to access the Stewart Rate Calculator.

Please contact your software company to ensure that they have updated your system with the new rates. If you are currently utilizing StewartDocs or AIM, a Stewart technology representative will contact you to update your system. For further questions in that regard, and for additional copies of the new rate book, please contact our local office

Stewart Title Guaranty Company
15 Messenger Drive
Warwick, R.I. 02888
(401) 861-1511
(800) 273-2229 

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:
None