Bulletin: OH2018002

Date:
December 04, 2018
To:
All Ohio Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - New Forms and Rates Approved

Dear Associates:

The Ohio Title Insurance Rating Bureau has approved the following revised Forms and Rates for use in Ohio, effective December 1, 2018:

Revised FORMS filed:

ALTA Endorsement 5.1-06 (Planned Unit Development - Current Assessments) Adopted 06-17-2006 Revised 10-16-2008, Technical Correction 12-01-2016, 12-01-2017.

OH Endorsement 104 (Partnership/LLC - Permitted Transfer “Fairway”) Revised October 2004, January 2006, June 2018.

OH Endorsement 105 (Last Dollar) Revised October 2004, June 2018.

ALTA Commitment for Title Insurance - Adopted 08-01-2016, Technical Corrections 04-02-2018.

ALTA Short Form Commitment for a Short Form Residential Loan Policy - Adopted 12-01-2017, Technical Corrections 04-02-2018.

Revised RATE/RULES Filed:

ER-5.1 OTIRB OH-5.1 PLANNED UNIT DEVELOPMENT - CURRENT ASSESSMENTS (ALTA FORM 5.1) 

This endorsement affords multiple forms of coverage to an insured under an Owner’s Policy or Loan Policy, including any charges or assessments in favor of an association of homeowners that are provided for in any document referred to in Schedule B, due and unpaid at Date of Policy, when attached to a policy in which the insured land is a Planned Unit Development. The rate for this endorsement is $100.

ER-104 OTIRB OH-104 PARTNERSHIP/LLC - PERMITTED TRANSFER "FAIRWAY"

This endorsement may be issued in connection with an Owner’s Policy or Loan Policy insuring a general partnership, limited partnership or limited liability company, and provides, subject to conditions specified in the endorsement, that the insurer will not deny liability under the policy by virtue of the admission or withdrawal of a partner/member in the insured partnership/limited liability company, respectively. 

The rate for this endorsement is ten percent (10%) of the original rate, subject to a minimum of $250 and is in addition to the policy premiums. If more than one policy is issued in connection with a single transaction, the rate for this endorsement shall be charged for each policy issued, and simultaneous issue rules PR-2, PR-3 and PR-6 shall not be applicable.

ER-105 OTIRB OH-105 LAST DOLLAR 

This endorsement may be issued in connection with a Loan Policy issued in an amount which is less than the face amount of the mortgage insured, and provides that payments made to reduce the total loan indebtedness secured by the insured mortgage will not cause a proportionate reduction in the amount of insurance until such time as the aggregate principal indebtedness is reduced to the amount of the policy. The rate for this endorsement is ten percent (10%) of the original rate, subject to a minimum of $250.

The revised forms are attached below.

Agents using AIM For Windows or AIM+ should contact PropertyInfo Customer Care to get the new rate(s) changes implemented in their AFW or AFW+ system. Other agents should contact your title production software vendor. 

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.