- May 29, 1992
- All Washington Agents
- Extended Owner's Coverage - Vacant Land
We should issue extended owner's coverage on vacant land only with a current ALTA survey.
That survey will frequently show minor boundary line problems and encroachments which should be specially excepted. These exceptions should not be waived from an owner's policy.
We should not issue extended owner's coverage on vacant land without a survey. An inspection is not sufficient.
We have had two recent claims on extended owner's policies on vacant land because we failed to require surveys. In both cases the property was to be developed and comparatively minor boundary line problems seriously impeded that development.
Any exceptions to this rule should be approved by me or Mike Gilbertson.
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.