- February 25, 2013
- All South Carolina Issuing Offices
- RATES AND/OR FORMS UPDATE - Rate Revision
Effective April 1, 2013, South Carolina rates filed with the Department of Insurance have been amended to provide for a rate of $1.20 per one thousand dollars of coverage on coverage amounts exceeding $5,000,000. This applies to both loan and owners policies.
Example: Agent is issuing a policy in the amount of $5,100,000. The premium on the $5,000,000 is $9,270.00, the same as the previous rates. The premium on the additional $100,000 of coverage is now $120, or $1.20 per one thousand of coverage. The total premium is $9390.
This rate revision does not change the calculation of the simultaneous issue which remains $100.
All other rates remain the same.
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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.