- August 12, 2002
- All Issuing Offices in Florida
- Liability on Searches Ordered from STG Plants
An issue has arisen concerning where to place liability when a search is ordered from a Stewart Title Guaranty Company plant and an error is contained in that search. The purpose of this memorandum is to clarify this issue.
In the event that a Stewart Title Affiliate or Independent Agent orders a title search to be used for the issuing of a Stewart Title Guaranty Company policy, and there is an error in that search causing a loss to Stewart Title Guaranty Company, absent actual knowledge by the Affiliate or Independent Agent of the items constituting the error in the search, the loss will be assessed against the title plant. No portion of that loss attributable to the title plant error will be charged against the Affiliate or Independent Agent.
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.