Bulletin: CO000030

Date:
September 08, 2000
To:
All Issuing Offices in Colorado
RE:
Survey Requirements - Residential Property - Owner's Policy

Dear Associates:

This Bulletin sets forth the position of Stewart Title Guaranty Company ("STG") regarding extended coverage in Owner's Policies, sometimes described as Owner's Extended Coverage ("OEC"), and survey requirements. STG does not require a survey or an Improvement Location Certificate ("ILC") in order to give extended coverage as to survey matters in Owner's Policies issued on 1-4 family residential properties when issuing offices utilize the following standards and procedures:

  1. The value of the residential properties must be $1,000,000.00 or less.

  2. The residential properties must be subdivided property, vacant or improved.

  3. The issuing office is unaware of any problems associated with the underlying plat or the surveyor who produced the underlying plat.

  4. The issuing office must obtain one of the two affidavit/ indemnity forms attached from the current owner stating that there are no known survey related problems.

  5. The issuing office must review any existing survey or ILC.

  6. The issuing office conducts a property inspection whenever possible.

You should continue to except to easements of record and any significant encroachments or unrecorded easements of which you have actual knowledge, either by reason of a survey or an ILC in your possession, your search, or information obtained from a starter policy which conforms to STG requirements.

These procedures are available to all issuing offices in Colorado but they are not mandatory. Please consider your local market conditions and practices prior to providing OEC utilizing these procedures.

If you have any questions in regard to this please feel free to contact underwriting personnel.

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:
MU000028 Survey Requirements - Loan Policies
Underwriting Manual:
18.40 Surveys
Exceptions Manual:
CO Extended Coverage
Forms:
STG Affidavit - Owners (No Survey)
 
STG Affidavit - Owners (Survey)