Bulletin: NY000649

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Bulletin: NY000649

Bulletin Document
V 1
Date: November 10, 2020
To: All New York State Agents, Office Counsel, and Managers
RE: Limiting Language on Surveys

Recently, our underwriters have seen an attempt by some surveyors to use language that limits liability to “the cost of the survey” or words to that effect.  While we are happy to report that this language has been removed from surveys upon request/demand, please be advised that absent express prior authorization, Stewart cannot accept surveys certified to it that contain such limiting language.

“And that survey is the one we all go back to. When you find one of their original corners, it is like a handshake with the past.”1

Surveyors are an invaluable resource to the real estate owner/investor, and to the other practitioners that represent those owners.   Their training and dedication to their craft is an essential part of the engine that keeps our industry running.  Underwriters, agents and practitioners are frequently asked to recommend a surveyor, which recommendations go beyond price – those recommendations speak to the quality and reputation of the surveyor, the quality of the certification, and in the rare but unfortunate event that a material error is made, the availability of errors and omissions coverage for the surveyor’s work.

In the event you have any questions regarding the above, please contact Stewart Title Legal Department at 212-922-0050 and speak with any Underwriting Counsel.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

1Andro Linklater, Measuring America: How an Untamed Wilderness Shaped the United States and Fulfilled the Promise of Democracy

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.


References

Bulletins Replaced:
  • None
Related Bulletins:
Underwriting Manual:
  • None
Exceptions Manual:
  • None
Forms:
  • None