- July 08, 1999
- All Michigan Issuing Agents
- Title Insurance Premium Rate Increase Effective July 15, 1999
We have filed another title insurance premium increase with the Michigan Insurance Department. The increase will be effective July 15, 1999 unless rejected by the Insurance Department.
The changes -- which only affect loan policies with the standard exceptions for property in Zone I -- are as follows:
Currently reads:For each additional $1,000 (or fraction thereof)
in excess of $100,000 and up to $300,000$2.50
New:For each additional $1,000 (or fraction thereof)
in excess of $100,000 and up to $200,000$2.75
For each additional $1,000 (or fraction thereof)
in excess of $200,000 and up to $300,000$2.50
The increase corrects a "soft spot" which has resulted in our base rate for these policies between $100,000 and $200,000 being as much as $25 less than other major underwriters.
A copy of the revised pages for our manual of charges is available through the Michigan District office.
Please note that all title orders received prior to July 15, 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.
- Bulletins Replaced:
- Related Bulletins:
- MI000011 Title Insurance Premium Rate Increase Effective May 28, 1999
- Underwriting Manual:
- Exceptions Manual: