- November 09, 2012
- All Indiana Issuing Offices
- Mechanics Lien Coverage in Indiana
This is a reminder that mechanics lien coverage on loan policies during construction is subject to approval by an underwriter and compliance with the underwriting guidelines set forth in Stewart Underwriting Bulletin MU2010009. Coverage is provided by adding approved pending disbursements clause PDCX07 or PDCX06 to Schedule B-II or by issuance of ALTA Endorsement 32-06 or ALTA Endorsement 32.1-06 as approved by an underwriter. You may not issue any other form of endorsement to provide mechanics lien coverage on loan policies during construction other than the ALTA Endorsement 32-06 or ALTA Endorsement 32.1-06. Deletion of the general mechanics lien exception to provide mechanics lien coverage must be approved by an underwriter as required by Stewart Underwriting Bulletin MU2010009.
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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:
- MU2010009 Mechanic's Liens Coverage During Construction - No Priority (2)
- Underwriting Manual:
- Exceptions Manual:
- Loan Policy - Construction; Downdate Required
- Loan Policy - Construction; Ltd Coverage Only for Prior Wk