STG Request for Approval to Issue Overlimits (Large) Policy or Extra Hazardous Coverage

REQUEST FOR APPROVAL TO ISSUE POLICY
 
To: Stewart Title Guaranty Company             Date:                                              

From    ______________________________________________________________ [Name of Person Requesting Approval]
            ______________________________________________________________ [Name of Title Insurance Agent/Company/Issuing Office; Please also include City, and State]

Telephone ______________; Fax: ______________; Email: ________________________

Re:       Title/File/Order No. ____________________________
            _________________________________________________ [Property Address/Reference]

1. Premium. (MUST ONLY BE COMPLETED FOR TRANSACTIONS $15,000,000.00 AND OVER)

Please specify:

______(a) Total premium charge to customer for title insurance policies (excluding endorsements);

______(b) Amount of premium for title insurance policies (excluding endorsements) that will be  remitted to Stewart Title Guaranty Company;

______(c) Total premium charge to customer for endorsements;

______(d) Amount of premium for endorsements that will be remitted to Stewart Title Guaranty Company;

______(e) Total Amount of premium for title insurance policies and endorsements that will be remitted to Stewart Title Guaranty Company;

______(f) $ per thousand premium charge to customer for title insurance policies and endorsements.

______(g) $ per thousand remitted to Stewart Title Guaranty Company for title insurance policies and endorsements.

2. Title was searched and examined from ______________ to _______________ (please do not include the period covered by any Starter)

3. Starter, if any. Please specify: (a) prior Company: ____________________; (b) prior Effective Date: ________________; (c) ______ Owner's Policy or ______ Loan Policy (check one). Attach a copy of the Starter.

4. List the Policy Form(s), Type, Insured and Stewart’s Policy amount. If Policy Form is not indentified, the form will be the 2006 ALTA Policy. Attach a copy of Commitment(s) and any pro forma(s).


Policy Form
 (e.g. 2006 ALTA)

Type
(e.g. Loan)

Proposed Insured

Amount

 

 

 

$

 

 

 

$

 

 

 

$

 

 

 

$

5. Description of Property (e.g., undeveloped, apartments, offices, etc.):                           

6. Describe: (a) transaction and (b) purpose of financing (Briefly, but in detail):____________
__________________________________________________________________________

7. Describe grantor/mortgagor (e.g., person, entity) and authority (e.g., power of attorney, corporate resolution, approval by shareholders, partners or members, etc.): ______________

8A. Describe any conflict of interest or potential conflict of interest. If none, write the word "None": _____________________________________________________________________________

8B. If the Issuing Office is an agent, please provide the names of all officers of the agent and all principals of the agent that own 10% or more of the agent. ______________________

9. If endorsements are being requested, attach a list or click below:

ALTA Endorsement List Supplement

Louisiana Endorsement List Supplement

Pennsylvania Endorsement List Supplement

Texas Endorsement List Supplement

10. Does this file involve the following? (If applicable, write "YES" and describe the circumstances. Please note: a blank will be deemed "NO"):

_____ A construction loan?

_____ Broken-priority (e.g., early start) or no-priority? If so, please describe underwriting: _____________________________________________________________________
_____________________________________________________________________

_____ No broken-priority? If not, please explain: ______________________________
____________________________________________________________________

_____ Recent construction performed or completed within the lien period? If so, please describe underwriting: _________________________________________________________.  If not, how do you know? ____________________________________________________________________

_____ Request for Mechanic's Lien Coverage? NOTE: If this transaction is a construction loan and if the total project cost (i.e., the loan amount plus other contributions) is equal to or greater than $25,000,000, please also complete STG High Liability (Over $25 Million) Mechanic's Lien Coverage Approval Request.

_____ Access based solely upon an easement (i.e., is there no direct access to a dedicated public street)? If so, was title to the access easement examined and insured? _________.

_____ Lien priority based upon subordination of a lien or mortgage. If so, please explain: 
____________________________________________________________________________

_____ Tidelands, filled land, submerged land, navigable waters or riparian issues

_____ Insuring title to railroad property

_____ Title based upon judicial proceedings (e.g., tax foreclosure, condemnation, bankruptcy)

_____ Title based upon foreclosure or deed in lieu of foreclosure

_____ Mineral coverage on commercial property in area of mineral development

_____ Title derived from foreclosure or deed in lieu of foreclosure regarding a construction loan deed of trust, within the last 3 years.

_____ Easement independent of real property (i.e., an easement in gross)

_____ Insured option

_____ Native American (Indian) lands

_____ Water rights

_____ Sheriff’s Sale in last 10 years (other than mortgage foreclosure)

_____ Assignment or partial assignment or mortgage of a lease, easement, or other interest (if so,   describe consents/approvals to be obtained)____________________________________.

_____ Reliance upon an indemnity?  If so, describe purpose and provide a copy

_____ Insuring around a recorded lien or encumbrance (e.g., by omitting, deleting or providing affirmative insurance)

_____ Survey concerns (e.g., does the survey show any significant conflict or encroachment)

_____ Current owner out of possession of the property

_____Commercial purchasers of fruits, vegetables, livestock, or poultry, or wholesalers or retailers of meat products. See Stewart Bulletin SLS2014001 (UNDERWRITING - The Perishable Agricultural Commodities Act (PACA) and The Packers and Stockyards Act (PSA)).

_____ Other extra hazardous risks, such as those shown in VU Underwriting Manual Section 5.36.

If yes to any of the above, please describe in the next section or by supplement.

11. Other unusual risks, issues and/or affirmative coverages, if any: _____________________
_________________________________________________________________________

12. If this transaction involves co-insurance, list the co-insurers and their liability amounts/percentages:  ________________________________________________________________
________________________________________________________________

13. This policy will be issued by (must be completed):

_______ (a) an issuing agent authorized in the state, in compliance with state law; or

_______ (b) direct issue/home office, in compliance with state law.

14. From our examination of the Title and the foregoing, we are of the opinion that the requested Policy complies with Company Guidelines, including, but not limited to, those on Virtual Underwriter, and can be safely issued. 

The requested coverages and endorsements are allowed to be issued in the state, and the rates to be charged will comply with state requirements, and the amount remitted to the Company complies with our underwriting agreements.

Signature __________________________________ (Title Examiner/Chief Title Officer/Closer)
Printed Name: ______________________________          Title:  ______________________ 

IF THERE ARE ADDITIONAL MATERIAL FACTS OR SUBSTANTIVE CHANGES OF CIRCUMSTANCES OR IF ADDITIONAL COVERAGES ARE REQUESTED, YOU MUST OBTAIN WRITTEN APPROVAL.  A COPY OF THE COMMITMENT OR TITLE REPORT MUST BE ATTACHED.

This approval is NOT an approval for Reinsurance.  If the Policy amount is $100,000,000.00 or larger contact our Reinsurance Department even if Reinsurance is not required, so that the transaction may be properly reported to management.
This approval form must be signed by your State, District or Division Counsel, or other Underwriter before forwarding to a Senior Underwriter.

APPROVAL      Re:       Title/File/Order No. ____________________________
Based upon the information above given, approval is hereby granted to issue the Policy as requested, subject to the following: __________________________________________________________________________

 Issuance of policies and endorsements is subject to compliance with Underwriting Guidelines.

 ________________________ [Date] _____

Local/Regional/Assoc. Senior Underwriter

 

 ___________________ [Date] _____

Senior Underwriter

 

 

 

 ________________________ [Date] _____

Senior Underwriter

 

 ____________________ [Date] _____

Senior Underwriter

 Revised: 1-21-2014

For issuing guidelines on this form, see Guidelines