Bulletin: NJ2015003

Date:
April 08, 2015
To:
All New Jersey Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Revised Form Filing and New Endorsements

Dear Associates:

Changes have been made to the New Jersey Rate Manual effective April 1, 2015, and May 1, 2015. There are no changes to the basic rates within this new filing; the changes are related to the form as referenced below along with three new endorsements. Please take the opportunity to familiarize yourself with the updated Rate Manual and the revised form which the Department of Banking and Insurance has approved for use in New Jersey effective April 1, 2015:

NJRB6-03 - Consent to Special Rate or Charge Pursuant to NJLTIRB Rate Manual Section 3.1.5

This form has been revised; it acknowledges that the proposed insured has reviewed and approved any special charges made. The form restates sections (a), (b) and (c) of 3.1.5 of the April 1, 2015, rate manual. Additionally, it confirms that the proposed insured has been advised of the right to withdraw the title insurance application or order and appeal the imposition of this special rate or charge to the Commissioner of Banking and Insurance. A copy of this form should be maintained along with the records of each special charge that was imposed. 

The following three Endorsements are effective May 1, 2015: 

ALTA 36.7-06 Energy Project - Fee Estate - Owner's Policy (NJRB5-166)

When affixed to an Owner's Policy, this endorsement insures against certain identified loss arising from the lawful deprivation, in whole or in part, of the right of use of the Land or any Electricity Facility or Severable Improvement as a result of a matter covered by the Policy. The charge for issuance of this endorsement is 10% of the underwriting charge, with a minimum of $100.00.

ALTA 36.8-06 Energy Project - Fee Estate - Loan Policy (NJRB5-167)

When affixed to a Loan Policy, this Endorsement insures against certain identified loss arising from the lawful deprivation, in whole or in part, of the right of use of the Land or any Electricity Facility or Severable Improvement as a result of a matter covered by the Policy. The charge for the issuance of this endorsement is 10% of the underwriting charge, with a minimum of $100.00.

ALTA 45-06 Pari Passu Mortgage - Loan Policy (NJRB5-168)

When affixed to a Loan Policy, this Endorsement insures against loss or damage sustained by the insured by reason of the invalidity or unenforceability of the lien of the Insured Mortgage resulting solely from the provisions of a Pari Passu Mortgage or Intercreditor Agreement establishing lien priority, or the lack of equal lien priority of the Insured Mortgage to the other Pari Passu Mortgages. The charge for the issuance of this endorsement is 10% of the underwriting charge, with a minimum of $100.00. 

If you are using AIM+, please contact PropertyInfo Customer Care to get the new rate manual changes implemented to your AIM+ 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 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.