Bulletin: NY000433

Date:
February 16, 2010
To:
All New York State Office Counsel, Managers and Agents
RE:
Use of Mutual Indemnification Agreement

The Mutual Indemnification Agreement requires that the underwriter provide a copy of a policy when clearing exceptions. If a policy is obtained from an agent or individual, a request must be sent to the underwriter asking them to send a copy of the policy. A copy of the policy and cover letter from the underwriter must be kept as part of the file.

A sample request is:

Pursuant to the terms of the Mutual Indemnification Agreement, please provide a copy of your policy #____________ (Title #___) to omit Exceptions #___on the attached certification page and schedule B.

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.