Bulletin: LA2013006

Date:
September 03, 2013
To:
All Louisiana Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Closing Protection Coverage - Form Changes

Dear Associates:

The Louisiana Department of Insurance has approved a Form filing made by LATISSO effective September 1, 2013, for Closing Protection Coverage as referenced below.

ALTA Closing Protection Coverage - Single Transaction - LA 12/01/11 (effective 09/01/13)

This is a revision to the prior versions of Closing Protection Coverage documents extending coverage to a single transaction. This version clarifies the coverage and amount of liability. This form shall be generated for issuance to a Lender, Purchaser, or Lessee, as required.

This Closing Protection Coverage - Single Transaction - LA 12/01/11 document can be generated by using Stewart’s internet based Insured Closing Letter Production System

Rate remains at $25 per occurrence.

ALTA Closing Protection Coverage - Multiple Transaction - LA 12/01/11 (effective 09/01/13)

This is a revision to the prior versions of Closing Protection Coverage documents extending coverage to multiple transactions. This version clarifies the coverage and amount of liability. This form shall be generated for issuance to a Lender only as required.

This Closing Protection Coverage - Multiple Transaction - LA 12/01/11 document cannot be generated by using Stewart’s internet based Insured Closing Letter Production System. When your office receives a request for this version (sometimes referred to as a “blanket letter”), please ask the lender to make the request in writing to your office and include the lender’s name and address as it should appear in the closing protection coverage document. Your office should forward that written request to RoseAnne.Seemann@stewart.com or Wayne McDonald (mmcdonal@stewart.com) for processing.

Rate remains at $25 per occurrence.

Please forward all requests to (1) modify the closing protection coverage document or (2) reflect a different amount for a transaction that exceeds $5 million to ICLAdmin@stewart.com. Please note that all requests for closing protection coverage documents on transactions over $5 million must be accompanied by a completed “overlimits approval” form approved and executed by the local underwriter. 

Closing Protection Coverage documents may be issued ONLY by use of the Stewart ICL Website: https://www.stewarticl.com. Closing Protection Coverage documents may not be (1) modified, (2) prepared by an Issuing Agent on its Letterhead or in any other format, or (3) typed, computer generated, or signed by an Issuing Agent.

The Stewart ICL Website has the most recent Closing Protection Coverage documents approved for issuance in Louisiana and maintains a record of the Closing Protection Coverage documents issued.

The Stewart ICL Website generates the Closing Protection Coverage documents only for current authorized Issuing Agents (or Approved Attorneys, where allowed and customary). The Closing Protection Coverage document is generated in HTML format which is to be printed and then sent to the requesting lender.

The previous versions of Closing Protection Coverage listed below have been withdrawn and are no longer available for issuance, effective 09-01-13.

Closing Protection Coverage - (Revised 08/01/08)

Closing Protection Coverage - Limitations - (Revised 08/01/08)

Closing Protection Coverage - Single Transaction Limited Liability - (Revised 08/01/08)

Closing Protection Coverage - Single Transaction Limited Liability Aggregate Limit (Revised 1-01-08)

Questions relating to this bulletin may be directed to Louisiana Underwriting Personnel at (800) 209-4675 or Stewart Legal Services.

For on-line viewing of this and other bulletins, please log onto http://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:
STG Request for Approval to Issue Overlimits (Large) Policy or Extra Hazardous Coverage