STG First Loss Endorsement Guideline 1
This endorsement is usually requested on a Loan Policy if the collateral consists of multiple tracts. It is typically issued in connection with the Tie-In Endorsement. It is designed to provide coverage on a loss (as defined) in excess of a stated percentage of the Loan Policy, even though the lender may have other collateral. If the loan is being paid, there is no loss.
(1) A Senior Underwriter must approve issuance of the endorsement.
(2) The percentage in the endorsement should be at least 10% of the policy.
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):None