- February 05, 2007
- All Issuing Offices in Florida
- Approval of Revised 8.1 and Fairway Endorsements
The Florida Office of Insurance Regulations recently approved revisions to two previously approved endorsements, the Florida 8.1 (Environmental Protection Lien) and the Change of Partners (Fairway).
1. REVISED FLORIDA 8.1 ENVIRONMENTAL PROTECTION LIEN ENDORSEMENT
The revised 8.1 Endorsement removes the limitation for its use to only residential real property, and may now be used on commercial property. Like the regular 8.1 it is issued only in conjunction with a Loan Policy. When issuing this endorsement you must adhere to the Stewart Endorsement Guidelines for issuing the Commercial Environmental Protection Lien Endorsement No. 2. The endorsement guideline can be found at www.vuwriter.com. This endorsement MUST be approved by Stewart Underwriting Counsel before it may be issued. The regular 8.1 Endorsement may still be issued on residential property transactions. The Guidelines for issuing the regular 8.1 Endorsement should continue to be followed when it is issued. *Note underwriting approval is not required when issuing the regular 8.1.
A minimum endorsement premium of $25.00 must be charged for the revised and regular 8.1.
2. CHANGE OF PARTNERS, MEMBERS OR SHAREHOLDERS ENDORSEMENT (FAIRWAY ENDORSEMENT)
This endorsement issued in conjunction with an Owner's Policy has been revised to include other types of business entities other than just general partnerships. The endorsement provides coverage that Stewart Title Guaranty will not deny liability, under the terms of the policy due to the fact that the partnership, corporation, limited partnership, limited liability company or business trust has dissolved or a new entity has been created resulting from a change in the entities constituting any of these business entities. The guideline for issuing the Fairway Endorsement can be found at www.vuwriter.com and must be followed before issuing this endorsement, including the approval by Stewart Underwriting Counsel.
The minimum premium for this endorsement for residential property transactions is $25.00, and a minimum of $100.00 for commercial property.
If you have any questions, please contact myself or any of our Florida Underwriting Counsel.
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.