Bulletin: NY000510

Date:
October 30, 2012
To:
All New York State Agents, Office Counsel and Managers
RE:
Over limits/High Liability/Special/Extra Hazardous Risks, New York Policy Issuing Offices

In addition to the submission of over limits request for NEW YORK policies exceeding the contractual limitations set forth in the STEWART TITLE INSURANCE COMPANY underwriting agreements, please submit an over limits request for the following matters considered to be special or Extra hazardous risks.  This list is provided for guidance and is not an exclusive list.  Your professional judgment and competency is always a key factor in determining those risks assumed by Stewart Title Insurance Company.  All policy issuing offices are encouraged to contact the company as necessary.

  •  Short sales as covered in Bulletin 465
  •  Self Dealing as covered in Bulletin 434
  • Foreclosure Issues covered in Bulletin 459 and Bulletin 465
  • Affirmatively insuring against boundary issues or out of possession issues.
  • Insuring the Automatic subordinations (other than leases, if the lease subordination includes satisfactory non-disturbance language) or subordination of a mortgage to a construction loan mortgage.
  • Insuring tidelands, submerged lands or access rights to water.
  • Insuring without exception to an existing lien or interest of a co-owner based on a Bankruptcy
  • Insuring pursuant to a Court Order authorizing a sale free and clear.
     
  • Insuring without exception based on a Bankruptcy Court Order avoiding a lien or conveyance.
     
  • Insuring Native American lands
     
  • Insuring a mineral estate or water rights separate and apart from the surface interest.
  • Insuring oil and/or gas leases, Bulletin 472
  • Insuring title to railroad property
     
  • Insuring Synthetic Leases
     
  • Insuring around outstanding enforceable unpaid recorded liens including Mechanics Liens.
     
  • Fractional interests in notes secured by mortgages and owned by 10 or more individuals.
     
  • Any endorsement in New York requiring Underwriter approval as provided in the TIRSA rate manual in effect on the date of closing.
  • Insuring title when another New York licensed underwriter has declined to insure; the issuing office must notify Stewart of the refusal to insure.
     
  • Issuing a policy on any property or name listed in a Special Alert or Bulletins issued by Stewart Title Insurance Company, Stewart Title Guaranty Company or other Title Insurance Company.

Insuring contrary to prohibited/suggested underwriting practices as set forth in any Stewart Title Insurance Company Bulletin.

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.