Bulletin: WA2015001

Date:
May 04, 2015
To:
All Washington Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Rate manual for King, Pierce, Snohomish and Kitsap Counties

Dear Associates:

Attached is the Rate manual for Residential Property for King, Pierce, Snohomish and Kitsap Counties which has been approved for use effective June 1, 2015. There are several changes from the previous manual and you are requested to review the entire filing closely.

Important Changes to Note on rate listed on Exhibit A are:

  • The Guarantee rate has been amended to read “General Schedule Rate”. That rate has increased from a minimum of $360 to $400 with increases for every $50,000 of liability.
     
  • Standard Owner’s Policies have been increased from a minimum of $274 to $280 with increases for every $50,000 of liability.
     
  • The Homeowner’s Policy has been increased from a minimum of $300 to $320 with increases for every $50,000 of liability.
     
  • Owner’s Extended Policy has been increased from a minimum of $375 to $378, with increases for every $50,000 of liability.
     
  • Standard Loan Policies have been increased from a minimum of $350 to $400 with increases  for every $50,000 of liability.
     
  • Extended Loan Policies have been increased from a minimum of $475 to $540 with increases for every $50,000 of liability.
     
  • The Refinance Rate has been decreased from a minimum of $325 to $275 with decreases from previous premiums for every $50,000 in liability.
     
  • Extended Loan Policies issued with Standard Owner’s or Homeowner’s Policy has been increased from a minimum of $365 to $390 with increases for every $50,000 of liability.
     
  • Standard Loan Policies issued with Owner’s Policies has been increased from $200 to $250.

Important changes to note in the manual are:

  • All charges are applicable to King, Pierce, Snohomish and Kitsap Counties. There is no separate schedule of charges for Kitsap County.
     
  • Section 2.11 (Multiple Issue/Builder Rate) has been amended to read “Builder and Subdivider Rate. Section 2.11.1, 2.11.2 and 2.11.3 have been substantially amended. Section 2.11.4 has been deleted.
     
  • Section 4.9 “Master Residential Loan Policy" (“E-Quick”) has been deleted.

Any agents using AIM+, please contact PropertyInfo Customer Service to advise them of the new rate changes and request that they implement the changes on their respective AIM+ systems effective June 1, 2015. All other agents please contact your software vendor or manager to have them modify your systems to implement the new rates effective June 1. 2015

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None