- October 29, 2015
- All Florida Issuing Offices
- UNDERWRITING - Closing Protection Letter - FORMS UPDATE
The State of Florida, Office of Insurance Regulation (“OIR”) has approved for use, effective September 29, 2015, a newly filed Florida Single Transaction form of Closing Protection Letter (“CPL”) approved for issuance in connection with real estate located in Florida, and designed to be issued specific to a single real estate transaction. The newly approved CPL is available as an option to the lender(s), purchaser(s) or lessee(s) in connection with the real estate transaction giving rise to the issuance of the CPL, and in which a title insurance policy or title insurance policies will be issued by or on behalf of Stewart Title Guaranty Company (“Stewart”). The election for a CPL must be made prior to or at the time of closing.
Commencing November 7, 2015, involving transactions covering property located in the State of Florida, the newly filed and approved Florida Single Transaction Closing Protection Letter form (“FL1”) will be the available form required for issuance within Stewart’s ICL production system(s) in connection with a single real estate transaction covering property located in Florida. Also Effective November 7, 2015, and thereafter, the use of the prior Florida CPL form (“071/FLAGENT/071 03/91“) will no longer be available for issuance.
MODIFICATIONS TO CPL FORMS
Please forward all requests to (1) modify the closing protection coverage, or (2) reflect a different amount for a transaction that exceeds $10 million to ICLAdmin@stewart.com. Please note that all requests for closing protection coverage on transactions over $10 million must be accompanied by a completed "overlimits approval" form approved and executed by the local underwriter and/or senior underwriter.
Closing Protection Letters may be issued ONLY by use of the Stewart ICL Website: https://www.stewarticl.com. Closing Protection Letters may not be (1) modified, (2) prepared by an Issuing Agent on its Letterhead or in any other format, or (3) typed, computer generated, or signed by any agent.
The Stewart ICL Website has the most current Closing Protection Letter(s) approved for issuance and maintains a record of all such CPLs generated as issued.
The Stewart ICL Website generates the Closing Protection Letters only for current authorized policy issuing agents of Stewart Title Guaranty Company. The Closing Protection Letter is generated in HTML format, which is to be printed and then sent to the requesting party.
If you are currently utilizing StewartDocs or AIM+, please contact a Stewart technology representative to update your system with the new Florida CPL fee at Stewart’s Customer Care Center, 888-526-3282.
Please do not hesitate to call on us if you encounter a problem requiring a solution or if you have a question. We are always happy to assist.
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.