Bulletin: MI2011002

Date:
April 08, 2011
To:
All Michigan Issuing Offices
RE:
Short Form Residential Owner's Policies in Michigan

Dear Associates:

Please be advised that the Company has determined not to issue the Short Form Residential Owner’s Policy in Michigan as provided for in Stewart Bulletin MU2011001.  Please note however, that you may continue with the current industry practice of issuing an "instant" Owner’s policy at a closing conducted by your office, by issuing the ALTA 2006 Owner’s Policy jacket accompanied by the normal Schedule A and Schedule B for owners policies as found in the Michigan Forms on Virtual Underwriter.  While the ALTA 2006 Owner’s policy provides gap coverage in paragraph 10 of the Covered Risks, you may still insert, if requested by the client, the following language in Schedule A, Policy Date:

            "Date of closing or the date upon which the deed vesting title herein is recorded." 

If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.

For on-line viewing of this and other bulletins, please log onto www.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.

References

Bulletins Replaced:
None
Related Bulletins:
MI000024 Streamlined Search and Examination
 
MU2011001 Short Form Residential Owner's Policies; Search
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None