- October 01, 2012
- All New York State Agents, Office Counsel and Managers
- New Process for Policy Approvals (High Liability/Over-limit Policy Form)
As a policy issuing office of Stewart Title Insurance Company you are required to follow the underwriting guidelines and limits set forth in your underwriting agreement. In addition, you are required to follow our underwriting guidelines for High Liability titles such as Foreclosures (Bulletin 465), Self-Dealing (Bulletin 434) and Short Sales (Bulletin 464) by submitting an appropriate over-limits form. The over-limits approval form can be found in the Agent Resource Center at www.stewartnewyork.com. Select "Agent Log-In" and insert your Agent ID number. If you do not know your agent ID number, please call 212-922-0050.
Effective immediately, please include policy numbers on all over-limits and High Liability approvals. You will need to pull the policy number from STEPS and insert the policy number into the Over-limits/High Liability form. In the event the transaction does not close, you will only need to void the Policy in STEPS.
Once the form is prepared, and signed on Page 2, kindly forward it together with a copy of the title report (including the Policy number intended to be issued) via Email to HighLiPolicy@stewart.com or Fax it to (646) 525-3596.
It is not necessary to send along the municipal searches or copies of documents unless requested by Counsel.
When reinsurance is required, please fill out the Reinsurance Questionnaire which can also be found in the Agent Resource Center in the Forms and Requests section.
Thank you for your cooperation in this matter.
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.
- Bulletins Replaced:
- Related Bulletins:
- NY000290 High Liability/ Over Limit Policy Approval Procedures
- NY000341 High Liability/ Over Limit Policy Approval Procedures
- NY000391 Policy Approval (High Liability/Over-limit Policy Form)
- NY000434 Prohibition Against Self Dealing
- NY000465 Insuring at or after Mortgage or Deed of Trust Foreclosure Part 2
- NY000482 High Liability/ Over Limit Policy Approval Procedures
- Underwriting Manual:
- Exceptions Manual: