STG Insuring Interest of Incoming Partner Endorsement Guideline 1
Explanation:The endorsement is to be used when providing coverage to a person or entity that is acquiring an interest as a general partner in a general partnership. This endorsement limits liability for loss to the percentage interest of the incoming partner in the partnership.
Underwriting Requirements:(1) Coverage in favor of the new partner may only be given when the partnership agreement and other documentation, if any, provide for the addition of new partners and the addition will not cause a dissolution of the partnership.
(2) The endorsement does not increase coverage but limits the payment of loss. The issuing of the endorsement is a condition to the issuance of the policy.
(3) This endorsement may not be issued without the approval of a Senior Underwriter.
The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.
Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.
This guideline applies to the following form(s):