- May 26, 1999
- All Michigan Agents
- Title Insurance Premium Rate Increase Effective May 28, 1999
We have filed a title insurance premium increase with the Michigan Insurance Department. The increase will be effective May 28, 1999 unless rejected by the Insurance Department.
The changes are as follows:
Currently reads:For each additional $1,000 (or fraction thereof)
in excess of $100,000 and up to $300,000$3.00
New:For each additional $1,000 (or fraction thereof)
in excess of $100,000 and up to $200,000$3.50
For each additional $1,000 (or fraction thereof)
in excess of $200,000 and up to $300,000$3.00
The increase affects Zone One only and corrects a "soft spot" which has resulted in our base rate for policies between $100,000 and $200,000 being as much as $50 less than other major underwriters such as First American, TransNation, Lawyers, and Fidelity National.
A copy of our revised page for the manual of charges is available through the Michigan District office. The Company has ordered new rate cards and will distribute them as soon as they become available.
Please note that all title orders received prior to May 28, 1999 must be processed at the old rate. Please contact Company counsel with any questions.
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.